Title: 242087219.pdf URL Source: https://documentscdn.financialexpress.net/Literature/24562B0F877C219BAF225AD57066B5AA/242087219.pdf Number of Pages: 3 Markdown Content: Fund Managers’ Comments In April the Trust’s net asset value rose 7.0% (with debt at fair value), outperforming the FTSE All-Share which rose 2.8%. Despite the inflationary pressures created by a higher oil price, markets were buoyed by the announcement of a temporary ceasefire in the Middle East. In a reversal of what was seen in March, it was smaller companies that outperformed, with the FTSE 250 index of medium sized companies up 6.6% during April and the FTSE AIM All-Share index up over 10%. This helped the relative performance of the Trust, as it holds comparatively more than its FTSE All-Share benchmark in smaller companies. At the stock level, among the best performers during the month were alternative energy holdings such as Ceres Power, AFC Energy and ITM Power. Higher fossil fuel prices, combined with the rapid build-out of power-hungry data centres, led to renewed investor interest in the area. Also among the good performers was global banking group Standard Chartered, which reported encouraging first quarter results in which it continued to grow its (high returning) wealth business. Following a fall in their valuation levels, two new starter positions were purchased for the portfolio in consumer staples (Reckitt Benckiser and Unilever). In recent years organic growth in the sector has disappointed, however in both companies we see potential catalysts that could lead to more focussed businesses and the potential for a re-rating. Reckitt Benckiser could sell its infant nutrition business, leading a more focussed consumer health and hygiene business, while Unilever has announced a deal with McCormick to combine their food businesses. The largest sale was towards the end of the month, where we sold the (long held) position in aerospace and defence supplier Senior following its agreed takeover offer by private equity. James Henderson and Laura Foll Janus Henderson LWDB Launch date 12 December 1889 Financial year end 31 December Market cap £1,543.10m Benchmark FTSE All Share AIC sector UK Equity Income Portfolio Information NAV (debt at fair value) £1,541.52m NAV per ordinary share 1,156.81p Share price 1,158.00p Premium/(Discount) 0.10% AIC gross total assets £1,701m AIC gearing – AIC (net) 12.50% Quarterly dividend 10.3750p Next expected dividend declaration 5 June 2026 Ongoing charges † 0.56% Management fee 0.30% Performance fee None > †Ongoing charges based on the latest published interim or annual report. The NAV reflects the fair value of the IPS business in the latest published interim report. The share price source is LSEG, London Stock Exchange Group. All other information is produced based on performance data held by The Law Debenture Corporation p.l.c. Where applicable, our performance metrics, including the NAV, are calculated in accordance with AIC methodology. Date of approval: 15.05.2026. Monthly Factsheet 30 April 2026 Investment Objective: Achieving long term capital growth in real terms and steadily increasing income. Our aim is to achieve a higher rate of total return than the FTSE Actuaries All-Share Index Total Return through investing in a diversified portfolio of stocks. Annual dividend 2021 2022 2023 2024 2025 Dividends (pence per share) 29.00 30.50 32.00 33.50 35.50 Annual dividend yield 3.70% 3.70% 4.10% 3.80% 3.40% > Dividends (pence per share) reflect dividends declared with respect to each year. Annual dividend yield is calculated on closing share price on the day prior year-end results announcement. YTD %1 year %3 years %5 years %10 years %NAV total return (with debt at par) 1 7.7 36.6 59.9 75.4 199.2 NAV total return (with debt at fair value) 1 8.0 35.9 59.7 89.4 220.0 FTSE Actuaries All-Share Index total return 2 5.2 25.2 44.7 66.9 133.5 Share price total return 2 10.9 34.2 57.3 86.9 250.5 Change in Retail Price Index 3 0.7 2.3 12.0 36.6 57.4 > Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. For those statistics which include the fair valuation of the IPS business, the IPS valuation is based on the latest published interim report. > 1. NAV is calculated in accordance with the Association of Investment Companies (AIC) methodology, based on performance data held by Law Debenture including the fair value of the IPS business and long-term. 2. Source: LSEG, London Stock Exchange Group. 3. Source: Office for National Statistics. Periods shortened one month to reflect latest published RPI of March 2026. # 137 years of history with a long-term track record of value creation for shareholders # +86% outperformance of benchmark over ten years – NAV at FV # 47 years of increasing or maintaining dividends # Long-term track record of value creation for shareholders Performance Overview > FTSE Actuaries All-Share Index Share price total return 2016 250% 300% 200% 150% 100% 50% -50% 0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 NAV total return Company specific risks Important information Email: enquiries@lawdeb.com Tel: +44 (0)20 7606 5451 Company specific risks – September 2025 > •This trust is suitable to be used as one component in several in a diversified investment portfolio. Circa 18 per cent. of the net asset value (‘NAV’) of trust’s portfolio is an investment in an independent professional service company. Investors should consider carefully the proportion of their portfolio invested into this trust. •Active management techniques that have worked well in normal market conditions could prove ineffective or detrimental at other times. •The trust could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the trust. •Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result. •The return on your investment is directly related to the prevailing market price of the trust’s shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the trust. As a result losses (or gains) may be higher or lower than those of the trust’s assets. •The trust holds an investment in the IPS business which are wholly owned subsidiaries and private shares. •If a trust’s portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio diversified across more countries. •The trust may use gearing as part of its investment strategy. If the trust utilises its ability to gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing. Important information – September 2025 > •Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document, key investor document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. NAV performance is not the same as share price performance and investors may not realise returns in line with NAV performance. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. > •Annual dividend yield is calculated using the four most recent quarterly dividends. •Issued in the UK by The Law Debenture Corporation p.l.c. The Law Debenture Corporation p.l.c. is registered in England and Wales with company number 30397 and registered address at 8th Floor, 100 Bishopsgate, London, United Kingdom EC2N 4AG. It is authorised and regulated by the Financial Conduct Authority as an internally managed AIF with firm reference number 629081. This factsheet is directed at and for use only by investors in the United Kingdom. James Henderson and Laura Foll – Joint Portfolio Managers James and Laura have been working together for over ten years managing UK income portfolios. They have a valuation-focused, moderately contrarian approach, aiming to identify good quality companies at the point where they are temporarily out of favour. 1. HSBC 4.1 2. Barclays 3.5 3. Shell 2.9 4. Ceres Power 2.8 5. Rio Tinto 2.7 6. BP 2.3 7. GlaxoSmithKline 2.2 8. Standard Chartered 2.0 9. Balfour Beatty 1.6 10. National Grid 1.6 11. Relx 1.4 12. Rolls Royce 1.4 13. IMI 1.4 14. Flutter Entertainment 1.3 15. Lloyds Banking Group 1.3 References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Top Equity Portfolio Holdings (%) ## Equity Portfolio Independent Professional Services (‘IPS’) business Managed by James Henderson and Laura Foll of Janus Henderson • Focused on long-term returns • Predominantly UK weighted investment style: – High quality companies with strong competitive advantage at attractive valuations – Out of favour equities standing at valuation discounts to their long-term historical average • Selective, bottom-up approach • Diversified portfolio by sector The longest established and one of the largest UK providers of pension trustee services A leading independent corporate trustee across international capital markets Range of outsourced solutions to corporates internationally OBJECTIVE: LONG-TERM CAPITAL GROWTH IN REAL TERMS AND STEADILY INCREASING INCOME PENSIONS CORPORATE TRUST CORPORATE SERVICES Significant, consistent income contribution from IPS gives greater flexibility in stock selection INTERNATIONAL PRESENCE United Kingdom, New York, Ireland, Hong Kong and Delaware We believe that all divisions have potential for further growth in expanding markets. Our plan to achieve this is by increasing our market share through better leveraging of technology, our strong relationships and our brand Denis Jackson -CEO Appointed as CEO in 2018. Denis was formerly the director of new business enterprise at Capita and joined Law Debenture as Chief Commercial Officer in 2017. Prior to that, he spent 20 years at Citigroup before becoming regional general manager for Tibra Trading Europe Limited. Trish Houston -COO Trish was appointed COO in September 2020. She is a Chartered Accountant and a Member of the Chartered Institute of Securities and Investments, with previous experience at JDX Consulting Limited, Ruffer LLP, and PwC. Isla Pickering -CFO Isla was appointed as CFO in January 2025. A chartered accountant with over 20 years of finance experience, including leadership roles at international professional services firms, bringing expertise from KPMG, LEK Consulting, and Linklaters LLP. Spencer Knightsbridge -CTO Spencer was appointed as CTO in September 2024. He has a background in driving technology transformation, with experience at both the London Metal Exchange and the New York Stock Exchange. Denis.Jackson@lawdeb.com Trish.Houston@lawdeb.com Isla.Pickering@lawdeb.com Spencer.Knightsbridge @lawdeb.com Regional Breakdown Sector Breakdown 90.6% 3.3% 5.1% 0.8% UK North America Europe Japan Other 0.2% 5.1% 90.6% Oil & Gas 12.9% Basic Materials 6.7% Industrials 17.8% Consumer Goods 7.0% Health Care 5.3% Consumer Services 10.3% Telecommunications 2.2% Utilities 4.1% Financials 32.0% Technology 1.7% 12.9% 6.7% 17.8% 7.0% 5.3% 10.3% 32.0% 4.1% 90.6% 3.3% 5.1% 0.8% UK North America Europe Japan Other 0.2% 5.1% 90.6% Oil & Gas 12.9% Basic Materials 6.7% Industrials 17.8% Consumer Goods 7.0% Health Care 5.3% Consumer Services 10.3% Telecommunications 2.2% Utilities 4.1% Financials 32.0% Technology 1.7% 12.9% 6.7% 17.8% 7.0% 5.3% 10.3% 32.0% 4.1% Company specific risks • This trust is suitable to be used as one component in several in adiversified investment portfolio. Circa 18 per cent. of the net  asset value (‘NAV’) of the trust’s portfolio is an investment in an independent professional service company. Investors should consider carefully the proportion of their portfolio invested into this trust. • Active management techniques that have worked well in normal market conditions could prove ineffective or detrimental at other times. • The trust could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the trust. • Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result. • The return on your investment is directly related to the prevailing market price of the trust’s shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the trust. As a result losses (or gains) may be higher or lower than those of the trust’s assets. • The trust holds an investment in the IPS business which are wholly owned subsidiaries and private shares. • If a trust’s portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than aportfolio diversified across more countries. • The trust may use gearing as part of its investment strategy. If the trust utilises its ability to gear, the profits and losses incurred  by the trust can be greater than those of a trust that does not use gearing. Important information • Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a Financial Promotion. Please refer to the AIFMD Disclosure document, key investor document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. NAV performance is not the same as share price performance and investors may not realise returns in line with NAV performance. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. • Issued in the UK by The Law Debenture Corporation p.l.c. The Law Debenture Corporation p.l.c. is registered in England and Wales with company number 30397 and registered address at 8th Floor, 100 Bishopsgate, London, United Kingdom EC2N 4AG. It is authorised and regulated by the Financial Conduct Authority as an internally managed AIF with firm reference number 629081.  This factsheet is directed at and for use only by investors in the United Kingdom. Corporate Secretarial Services including Entity Management Corporate Trust including Escrows Pegasus: Pensions Executive Services Pension Trustees including Corporate Sole Trusteeship Safecall: whistleblowing hotline, training and investigations Service of Process Agent Structured Finance Services including Loan & Paying Agency ## Delivering our clients around the world peace of mind through our governance and transaction expertise www.LawDeb.com