Title: 242268751.pdf URL Source: https://documentscdn.financialexpress.net/Literature/6E6D9CCAE167A083E2F701FA653A6372/242268751.pdf Number of Pages: 5 Markdown Content: invtrusts.co.uk # Aberdeen Equity Income Trust plc ## Equity income using an index-agnostic ## approach focusing on our best ideas from ## the full UK market cap spectrum Performance Data and Analytics to 30 April 2026 ## Investment objective effective 17 March 2026 following the ## combination with Shires Income PLC To provide Shareholders with a progressive dividend and long-term capital growth from a portfolio invested predominantly in UK listed equities. ## Reference Index FTSE All-Share Index. ## Cumulative performance (%) as at 30/04/26 1 month 3 months 6 months 1 year 3 years 5 years Share Price 411.0p 6.8 (1.6) 10.6 31.8 52.4 62.2 NAV 425.3p 5.3 3.3 13.5 36.6 53.2 54.1 FTSE All-Share Index 2.8 2.1 8.0 25.2 44.7 66.9 ## Discrete performance (%) 30/04/26 30/04/25 30/04/24 30/04/23 30/04/22 Share Price 31.8 16.8 (1.0) (4.4) 11.3 NAV 36.6 9.7 2.3 (4.9) 5.8 FTSE All-Share Index 25.2 7.5 7.5 6.0 8.7 Source: Aberdeen, total returns. The percentage growth figures are calculated over periods on a mid to mid basis. NAV total returns are calculated on a cum-income basis. Past performance is not a guide to future results. Morningstar Analyst Rating TM > A Morningstar Analyst Rating™ Morningstar analysts assign the ratings globally on a five-tier scale with three positive ratings of Gold, Silver and Bronze. Morningstar Rating TM > A Morningstar Rating TM for Funds Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to similar funds. Twenty largest equity holdings (%) Rio Tinto 4.7 HSBC 4.7 BP 3.1 M&G 3.0 Chesnara 2.8 TP ICAP 2.6 Legal & General 2.4 Conduit Holdings 2.2 Shell 2.1 Drax Group 2.1 Galliford Try 2.1 MONY 2.0 Imperial Brands 2.0 CMC Markets 1.9 Ithaca Energy 1.9 OSB 1.9 British American Tobacco 1.9 Harbour 1.8 Barclays 1.8 Pennon Group 1.8 Total 48.8 Total number of investments 76 > A © 2026 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/ MethodologyDocuments/AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. All sources (unless indicated): Aberdeen: 30 April 2026. 02 Sector allocation (%) Financials 36.5 Industrials 14.3 Energy 13.9 Consumer Staples 7.5 Basic Materials 7.4 Real Estate 5.8 Fixed Income 4.6 Utilities 3.9 Consumer Discretionary 2.9 Technology 2.7 Telecommunications 0.5 Total 100.0 Composition of the portfolio by market capitalisation (Ex Cash) (%) FTSE 100 41.3 FTSE 250 43.1 FTSE AIM 2.8 FTSE Small Cap 2.5 Other 10.3 Total 100.0 Key information Calendar Launch Date 14 Nov 1991 Accounts Published December Annual General Meeting February Dividends Paid March, June, September, January Trust information Fund Manager Thomas Moore Iain Pyle (from 17 Mar 2026) Gross Assets £373.3 million Borrowing £35.9 million Yield (Net) 5.6% Current Annual Dividend Rate (Per Share) 23.0p Market Capitalisation £326.1 million Premium / (Discount) 12 Month High 12 Month Low (3.4)% 4.7% (4.5)% Net cash/(gearing) B (10.3)% Annual Management Fee (from 17/3/2026) £120,000 + 0.55% per annum of net assets Ongoing Charges C 0.84% Active Share percentage D 72.0% ## 1 year Premium/(Discount) Chart (%) -6 -4 -2 024Apr-26 Feb-26 Dec-25 Oct-25 Aug-25 Jun-25 Apr-25 ## Ten largest positions relative to the reference index (%) Overweight Stocks Portfolio Reference Index Relative Chesnara 2.8 0.0 2.8 M&G 3.0 0.2 2.8 TP ICAP 2.6 0.1 2.5 Conduit Holdings 2.2 - 2.2 Galliford Try 2.1 0.0 2.1 Rio Tinto 4.7 2.7 2.0 Drax Group 2.1 0.1 2.0 MONY 2.0 0.0 2.0 Legal & General 2.4 0.5 1.9 CMC Markets 1.9 0.0 1.9 ## Fund managers’ report Market review UK equities recovered some of their recent losses in April as news of a ceasefire between the US and Iran raised hopes that disruption to global energy markets could be short lived. However, investors are braced for the conflict to deliver a negative shock to the British economy; the International Monetary Fund downgraded its UK GDP forecast for 2026 from 1.3% to 0.8%. The FTSE All-Share Index returned 2.4% over the month, with performance strongest among small- and mid-cap stocks following a weak start to the year. The domestically focused FTSE 250 Index returned 6.0% while the FTSE SmallCap Index rose 6.1%. In economic news, the Consumer Prices Index rose to 3.3% in March following sharp increases in fuel costs. The Bank of England left the base rate unchanged at its April meeting but warned that persistently high inflation could lead to tighter monetary policy. The UK economy expanded more rapidly than expected in February as a result of strength in the services sector, while more recent data showed an increase # Aberdeen Equity Income Trust plc Fund managers’ report continues overleaf Aberdeen Equity Income Trust plc > B Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. > C Expressed as a percentage of average daily net assets for the year ended 30 September 2025. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. > D The ‘Active Share’ percentage is a measure used to describe what portion of the Trust’s holdings differ from the Reference index holdings. 03 in private-sector output in April. However, this was largely attributed to increased buying by businesses ahead of expected price rises or goods shortages. Performance Performance relative to the benchmark index was strong in April, and the Trust outperformed the reference index by more than 2% in a rising market. Performance benefited from our holding in TP ICAP as volatility in financial markets helped support the volume outlook. We also benefited from our holding in DCC. The firm announced it had received an indicative cash proposal from Energy Capital Partners and Kohlberg Kravis Roberts, which DCC rejected on the basis that it fundamentally undervalued the company and its future prospects. The largest detractor to performance was oil and gas holding Diversified Energy which retraced some of its recent gains following a reduction in the oil price on hopes of peace in the Middle East. The holding in Imperial Brands also detracted, weighed on relative returns as the shares declined on a trading update that reiterated full year guidance, albeit weighted to the second half of the year. Activity We bought a new holding in AG Barr, which is innovating and expanding distribution in grocery to grow its market share. The stock is cheap for a beverages company at just 12x earnings per share for low double digit revenue growth, with mid-single digit organic growth supplemented by regular acquisitions. We added to our holding in MONY Group, where we see an attractive outlook for revenue and profits. We see fears over the impact of artificial intelligence as overblown given the company’s trusted brands, MoneySuperMarket and MoneySavingExpert, as well as successful initiatives driving a growing level of engagement by consumers and providers. We sold out of National Grid on the view that the company no longer offers compelling value relative to other utility stocks or the wider market, with dividend yield having compressed. We also sold our holding in RS Group, where we expect recovery to be delayed due to subdued industrial activity, as reflected in weak purchasing manager surveys. Outlook UK equities remain cheap relative to other markets, providing the portfolio with a wide range of attractively valued stocks. We have carefully constructed the portfolio to deliver a combination of dividend yield, dividend growth and capital growth. We believe that companies generating the cash flow to pay attractive dividends and buy back their own shares can also deliver good capital growth for shareholders. Our index-agnostic approach is a key advantage, giving us the flexibility to select winning ideas from across the market-cap spectrum. Our focus on valuation points us towards companies with the potential to deliver a valuation re-rating as positive change is recognised. The combination of a rising stream of earnings and a rising earnings multiple can be very powerful for the share prices of companies undergoing positive change. We see high dividend yield as a key area of opportunity that is ripe for exploring. We believe this opportunity exists because investors have mistakenly written off high-yield stocks as value traps. Political uncertainty will remain a constant, creating bouts of volatility, but we continue to see the current market environment as conducive to our investment process. # Aberdeen Equity Income Trust plc Assets/Debt > £’000 % > Equities (inc. Cnv's) 351,287 104.1 > Fixed Income 17,032 5.1 > Total investments 368,319 109.2 > Cash & cash equivalents 1,045 0.3 > Other net assets 3,946 1.2 > Debt (35,899) (10.6) > Net Assets 337,410 100.0 AIFMD Leverage Limits > Gross Notional 3x > Commitment 2x Capital structure > Ordinary shares 79,343,671 > Treasury shares - Allocation of management fees and finance costs > Capital 70% > Revenue 30% Trading details > Reuters/Epic/ > Bloomberg code: > AEI > ISIN code GB0006039597 > Sedol code 0603959 > Stockbrokers J.P. Morgan Cazenove > Market makers CNKS, INV, JPMS, NUMS, > PEEL, PMUR, WINS # i Factsheet Receive the factsheet by email as soon as it is available by registering at www.aberdeeninvestments.com/ trustupdates www.aberdeeninvestments.com/aei Contact Private investors trusts@aberdeenp lc.com Institutional Investors InvestmentTrustInvestorRelations-UK@ aberdeenp lc.com Ben Heatley Head of Closed End Fund Sales Ben.Heatley@aberdeenp lc.com ## Fund managers’ report - continued Aberdeen Equity Income Trust plc Important information overleaf 04 Aberdeen Equity Income Trust plc # Aberdeen Equity Income Trust plc Statement of Operating Expenses Publication date: 18 December 2025 Recurring Operating Expenses (£000s) Year ending 30 Sep 2025 % of NAV Year ending 30 Sep 2024 % of NAV % Change (YOY) Management Fee (inc AIFM) 919 0.56% 840 0.56% 9.4% Promotional activities 109 0.07% 109 0.07% 0.0% Directors remuneration 131 0.08% 136 0.09% -3.7% Employers NI 8 0.00% 8 0.01% 0.0% Depositary fees 20 0.01% 19 0.01% 0.0% Auditors' remuneration 40 0.02% 37 0.02% 8.1% Professional activities 35 0.02% 3 0.00% 1066.7% Other administrative expenses 117 0.07% 146 0.10% -19.9% Ongoing Operating Expenses (ex indirect fund management expenses) 1,379 0.84% 1,298 0.86% 6.2% Expenses relating to investments in other collective investments 0.00% 0.00% Ongoing Operating Expenses (inc indirect fund management expenses) 1,379 0.84% 1,298 0.86% 6.2% Average Net Asset Value 164,305 150,930 8.9% Operating Expense Ratio (ex indirect fund management expenses) 0.84% 0.86% Operating Expense Ratio (inc indirect fund management expenses) 0.84% 0.86% Transaction costs and other one-off expenses (£000s) Year ending 30 Sep 2025 % of NAV Year ending 30 Sep 2024 % of NAV % Change (YOY) Transaction costs 369 0.22% 456 0.30% -19.1% Performance fees 0.00% 0.00% Other non-recurring expenses 28 0.02% 1 0.00% 2700.0% Total 397 0.24% 457 0.30% -13.1% Current Service Providers AIFM abrdn Fund Managers Limited Investment Manager abrdn Investment Management Limited Company Secretary abrdn Holdings Limited Fund Accounting Services BNP Paribas Fund Services UK Limited Auditor Johnston Carmichael LLP Depositary & Custodian BNP Paribas S.A. London Branch Registrar Computershare Investor Services PLC Corporate Broker JPMorgan Cazenove Summary of Current Key Commercial Arrangements The Company has appointed abrdn Fund Managers Limited (“AFML”), a wholly-owned subsidiary of abrdn plc, as its alternative investment fund manager. AFML has been appointed to provide investment management, risk management, administration and company secretarial services, and promotional activities to the Company. The Company's portfolio is managed by abrdn Investment Management Limited (""aIML"") by way of a group delegation agreement in place between AFML and aIML. AFML has sub-delegated administrative and secretarial services to abrdn Holdings Limited and fund accounting services to BNP Paribas Fund Services UK Limited. Further details of the fees payable to the Manager are shown in notes 3 and 4 to the financial statements in the annual report. The management agreement is terminable on not less than six months’ notice. In the event of termination by the Company on less than the agreed notice period, compensation is payable to the Manager in lieu of the unexpired notice period. No performance fee. Fee scale % of NAV % of Net Assets 0.55% Directors fee rates (£) Year ending 30 Sep 2025 Year ending 30 Sep 2024 % Change (YOY) Chair 39,000 37,500 4.0% Senior Independent Director 29,000 28,000 3.6% Chair of Audit & Risk Committee 33,500 32,000 4.7% Chair of Remuneration & Management Engagement Committee 29,000 28,000 3.6% Director 27,500 26,500 3.8% Number of Directors 4 5 Important Information The Statement of Operating Expenses is designed to help investors understand the impact of operating expenses on financial performance. Operating expenses are NOT deducted from the value of an investor's shareholding, which is derived from the share price. The market value (share price) of all publicly traded companies reflects a wide range of factors, including the estimated impact of operating expenses on future financial performance. The market value of an investment trust may diverge materially, both positively and negatively, from the reported net asset value. 0006300338 For more information visit invtrusts.co.uk ## Important information Risk factors you should consider prior to investing: • The value of investments, and the income from them, can go down as well as up and investors may get back less than the amount invested. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value. • As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. • The Company may charge expenses to capital which may erode the capital value of the investment. • The Alternative Investment Market (AIM) is a flexible, international market that offers small and growing companies the benefits of trading on a world-class public market within a regulatory environment designed specifically for them. AIM is owned and operated by the London Stock Exchange. Companies that trade on AIM may be harder to buy and sell than larger companies and their share prices may move up and down very sharply because they have lower trading volumes and also because of the nature of the companies themselves. In times of economic difficulty, companies listed on AIM could fail altogether and you could lose all your money. • The Company invests in the securities of smaller companies which are likely to carry a higher degree of risk than larger companies. Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Investment should only be following a review of the current Key Information Document (KID) and pre-investment disclosure document (PIDD) both of which are available on www.invtrusts. co.uk. Any data contained herein which is attributed to a third party ("Third Party Data") is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by Aberdeen*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Aberdeen* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. *Aberdeen means the relevant member of the Aberdeen Group, being Aberdeen Group plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. FTSE International Limited (‘FTSE’) © FTSE 2026. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. RAFI® is a registered trademark of Research Affiliates, LLC. All rights in the FTSE indices and/ or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Issued by abrdn Fund Managers Limited, registered in England and Wales (740118) at 280 Bishopsgate, London, EC2M 4AG, authorised and regulated by the Financial Conduct Authority in the UK.