Title: 242654798.pdf URL Source: https://documentscdn.financialexpress.net/Literature/E22D579717CD1D2F4B8EC0C63EE37C4A/242654798.pdf Number of Pages: 3 Markdown Content: 1 STS Global Income & Growth Trust Share Price AIC Global Equity Income Sector -10 -8 -6 -4 -2 024682016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 > Lipper Global - Equity Global Income Index > STS Global Income & Growth Trust Share Price -20 020 40 60 80 100 120 140 160 180 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 THE TRUST AIMS TO: Steadily grow your investment over time Target a growing income – yield 4.3%* Seek to defend value in an uncertain world The investment objective of the Trust is to achieve rising income and long-term capital growth through investment in a balanced portfolio constructed from global equities. The Trust produced a Net Asset Value total return of +3.5% during the month and a price total return of +4.5%, compared to a return of +3.2% for the Lipper Global – Equity Global Income Index. We started a new investment in AIA, a leading life and health insurance company in Asia. Its core business is straightforward: helping families protect themselves financially if someone dies too early, becomes seriously ill, or needs support in later life. We are attracted to AIA because its most important products are protection and health insurance, rather than lower-margin savings products. These policies are valuable for customers, but also attractive for AIA because they tend to be profitable, capital-light and long-lasting. What makes AIA distinctive is the strength of its proprietary agency network. Unlike insurers that depend heavily on banks or third-party distributors, AIA has built its own highly trained salesforce across Asia. This matters because protection products are not always easy to sell. Customers need advice, trust and education, rather than simply choosing the highest savings rate. AIA’s agents are therefore a key competitive advantage, helping the company reach customers directly, explain more complex products and build long-term relationships. The growth opportunity is potentially significant. Across many Asian markets, people are becoming wealthier, but remain underinsured. As incomes rise, more families want to protect their savings, healthcare needs and dependants. Hong Kong and Thailand are already highly profitable markets, while China offers a strong future opportunity because AIA’s target customer base remains very underpenetrated. We also believe the share price does not fully reflect the quality of the business. The pandemic disrupted sales and cash generation, and investors have remained cautious about China. However, the underlying business has been recovering and operating metrics are healthy. Despite this, AIA still trades below its long-term valuation range, even as returns have moved back to strong levels. A further positive is the return of Sir Mark Tucker as Chairman. He previously led AIA through its IPO and a period of strong value creation, and his return should give investors greater confidence in the company’s strategy and governance. In short, we are buying a high-quality Asian insurance franchise with a differentiated distribution model, strong long-term growth prospects, improving investor confidence and a dividend yield of 2.5%. SHARE PRICE DISCOUNT/PREMIUM TO NAV > Source: Lipper PERCENTAGE GROWTH 31/05/2016 - 31/05/2026 Total Return to 31 May 2026 Since Troy Appointment # 31/05/21 5 years 31/05/23 3 years 31/05/25 1 year 30/11/25 6 months STS Global Income & Growth Trust Share Price +36.6% +29.9% +20.5% -2.1% -2.8% STS Global Income & Growth Trust NAV +34.7% +30.1% +19.1% -1.8% -2.1% Lipper Global – Equity Global Income Index +67.4% +53.3% +43.4% +20.4% +8.4% Discrete Annual Total Returns 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD STS Global Income & Growth Trust Share Price +0.8% -5.4% +35.8% +6.8% -7.9% +39.3% +3.1% +15.4% -0.4% -0.7% +9.7% +6.7% -1.6% STS Global Income & Growth Trust NAV +4.1% +0.2% +28.5% +11.9% -8.2% +27.4% +3.7% +17.6% -2.1% +2.4% +9.2% +5.7% -1.2% # May Commentary All data as at 31 May 2026 > www.stsplc.co.uk > *The dividend policy set out in the Annual Accounts does not target a yield, this reflects the historic yield. This is not guaranteed. > #Since Troy appointment 12 November 2020 > Past performance is not a guide to future performance. > Source: Lipper > Source: LSEG Workspace > Since Troy Appointment > 12 November 2020 Since Troy Appointment > 12 November 2020 Source: Troy Asset Management Limited, Lipper & Bloomberg. # 231.00p 4.3% 232.35p -0.9% £257m/275m HISTORIC YIELD NAV (EX INC) PRICE PREMIUM/ DISCOUNT TOTAL NET/ GROSS ASSETS 2 ASSET ALLOCATION BY SECTOR ASSET ALLOCATION BY REGION British American Tobacco 5.5% Texas Instruments 5.4% CME Group 5.2% Canadian National 4.5% Amadeus IT 4.2% Rentokil Initial 4.1% Admiral Group 3.9% Paychex 3.7% IG Group 3.7% Siemens 3.3% Total Top 10 43.6% 24 Other Equity holdings 55.8% Cash 0.6% TOTAL 100.0% Source: Factset. Holdings subject to change. TOP 10 HOLDINGS TRUST INFORMATION Structure London Listed Investment Trust Board Independent Director – Chair Sarah Harvey Senior Independent Director Alexandra Innes Non-Executive Director Gillian Elcock Non-Executive Director Bridget Guerin Non-Executive Director Brigid Sutcliffe Investment Manager Troy Asset Management Limited 33 Davies Street London W1K 4BP Tel: 020 7499 4030 Email: info@taml.co.uk Co-Manager James Harries Co-Manager Tomasz Boniek Benchmark Lipper Global Equity Global Income Index Capital Structure Shares with voting rights 111,395,415 Shares held in treasury 63,792,770 Net Assets £257m Gross Assets £275m Ongoing Charges Ordinary shares: 0.66% (31.03.2026) Management Fee 0.40% Allocation of Expense Capital 65% and Interest Revenue 35% Mandate Established 2005 Year End 31 March Premium (Discount) -0.94% Gearing 5.5% Currency £ Sterling Historic Dividend Yield (trailing 12 months) 4.29% 26 Interim 2.15p 26 Interim 2.10p 26 Interim 2.10p 26 Interim 2.10p Dividend Payments January, April, July, October Market Makers: JPMORGAN, NUMIS, WINTERFLOOD, INVESTEC, PANMURE, PEEL HUNT Bloomberg/Epic/ Reuters Code STS ISIN GB00B09G3N23 SEDOL B09G3N2 AIFM Juniper Partners Limited Pricing Share price is listed daily in the FT Auditor Ernst & Young LLP Source: Factset. Asset allocation is subject to change. Consumer Staples 29% Industrials 20% Financials 15% Information Technology 11% Health Care 10% Consumer Discretionary 9% Communication Services 3% Real Estate 2% Cash 1% North America 39% United Kingdom 32% Europe ex UK 22% Asia/Pacific ex Japan 4% Japan 2% Cash 1% Cash 2% FUND MANAGER AWARDS 3 Important Information Please refer to Troy’s Glossary of Investment terms here . Performance data relating to the NAV is calculated net of fees with income reinvested unless stated otherwise. Past performance is not a guide to future performance. Overseas investments may be affected by movements in currency exchange rates. The value of an investment and any income from it may fall as well as rise and investors may get back less than they invested. The historic yield reflects distributions declared over the past twelve months as a percentage of the Trust’s price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. Tax legislation and the levels of relief from taxation can change at any time. The yield is not guaranteed and will fluctuate. There is no guarantee that the objective of the investments will be met. Investment trusts may borrow money in order to make further investments. This is known as ”gearing”. The effect of gearing can enhance returns to shareholders in rising markets but will have the opposite effect on returns in falling markets. Shares in an Investment Trust are listed on the London Stock Exchange and their price is affected by supply and demand. This means that the share price may be different from the NAV. Information on the risks of an investment in the fund can be found in the Prospectus. Neither the views nor the information contained within this document constitute investment advice or an offer to invest or to provide discretionary investment management services and should not be used as the basis of any investment decision. Any decision to invest should be based on information contained within the Investor disclosure document the relevant key information document and the latest report and accounts. The investment policy and process of the Trust(s) may not be suitable for all investors. If you are in doubt about whether the Trust(s) is/are suitable for you, please contact a professional adviser. References to specific securities are included for the purposes of illustration only and should not be construed as a recommendation to buy or sell these securities. Although Troy Asset Management Limited considers the information included in this document to be reliable, no warranty is given as to its accuracy or completeness. The opinions expressed are expressed at the date of this document and, whilst the opinions stated are honestly held, they are not guarantees and should not be relied upon and may be subject to change without notice. Third party data is provided without warranty or liability and may belong to a third party. Ratings from independent rating agencies should not be taken as a recommendation. Please note that the STS Global Income and Growth Trust is registered for distribution to the public in the UK and to Professional investors only in Ireland. Morningstar logo (© 2026 Morningstar, Inc. All rights reserved.) 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 and does not constitute investment advice. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Issued by Troy Asset Management Limited (registered in England & Wales No. 3930846). Registered office: 33 Davies Street, London W1K 4BP. Authorised and regulated by the Financial Conduct Authority (FRN: 195764) and registered with the U.S. Securities and Exchange Commission (”SEC”) as an Investment Adviser (CRD: 319174). Registration with the SEC does not imply a certain level of skill or training. © Troy Asset Management Limited 2026