Title: PowerPoint Presentation URL Source: https://documentscdn.financialexpress.net/Literature/584A0173DCBA77E39E63409ED83DEA20/241029995.pdf Number of Pages: 4 Markdown Content: -20% -10% 0% 10% 20% 30% 40% 50% Jul 2017 Jul 2018 Jul 2019 Jul 2020 Jul 2021 Jul 2022 Jul 2023 Jul 2024 Jul 2025 GMP NAV +46.99% > 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 > In USD % Year Year Year Year Year Year Year Year Year Q1 YTD ITD 5 > GMP NAV 30.91 2.82 6.82 3.50 6.72 1.78 4.47 2.99 8.41 0.77 0.77 46.99 > GMP Mkt 41.87 -12.95 9.20 -9.68 29.80 2.68 -3.02 0.12 7.73 2.35 2.35 26.52 > 13W TBill 60.86 1.87 2.28 0.67 0.05 1.46 5.02 5.25 4.18 0.85 0.85 24.32 MERGER INVESTING WITH GABELLI The Company will seek to meet its long term investment objective by utilising the Gabelli Private Market Value (PMV) with a Catalyst TM ,investment methodology, maintaining a diversified portfolio of event merger arbitrage strategies to seek to create an optimal risk/reward profile for the portfolio. The company invests for the long term as owners with an emphasis on cash generating, franchise companies, selling at a significant discount to our appraisal of their Private Market Value. “Event Driven Merger Arbitrage” is a highly specialised active investment approach designed principally to profit from the differences between PMV estimates and public market price with returns realised through the price achieved through corporate catalyst events. Catalysts are utilised to earn returns independent of the broad markets’ direction. This includes corporate events such as, but not limited to, management changes, announced mergers, acquisitions, takeovers, tender offers, leveraged buyouts, restructurings, demergers and other types of reorganisations and corporate actions (“deals”). INVESTMENT OBJECTIVE The Company’s primary investment objective is to seek to generate total return, consisting of capital appreciation and current income for the long term. The Company will seek a secondary objective of the protection of capital, uncorrelated to equity and fixed income markets. CUMULATIVE PERFORMANCE PERFORMANCE ASSET TYPE Equity 49.5% Contract for Difference 18.5% Cash & Cash Equivalents 32.0% PORTFOLIO EXPOSURE Long 98.3% Short 10.8% Gross 109.1% Net 87.5% INVESTMENT SUMMARY Total Positions 188 Average Position 0.5% Top 5 Positions 18.8% Top 10 Positions 31.8% Net Gearing 0.0% KEY PARAMETERS Inception 19 July 2017 Total Net Assets $72.4m NAV per Share $10.46 Market Price $8.60 Premium/(Discount) (17.8)% Distribution Frequency Quarterly AIC Member Sector Hedge Funds ## Quarter Ended March 31, 2026 # GMP # GABELLI MERCHANT PARTNERS PLC Gabelli Merchant Partners Plc | 3 St. James’s Place, London SW1A 1NP, United Kingdom | +44 (0)20 3206 2100 | www.gabelli.co.uk > Past performance is no guarantee of future results Please visit www.gabelli.co.uk to view additional document of the Company > Dividends Paid* > * All Dividends Paid $0.12 unless otherwise noted > $0.23 $0.24 $0.16 $0.02 $0.10 MARKET CAPITALISATION 2 (%) Small Cap (<$2 bn) 24.8 Mid Cap ($2 bn - $10 bn) 47.9 Large Cap (>$10 bn) 27.3 Total 100.0% COMPANY INFORMATION Ticker ($/£ ) GMP/ GMPP Exchange LSE-SFM; TISE Domicile United Kingdom Dealing Currency USD ISIN GB00BD8P0741 Sedol ($/£ ) BD8P074 / BK9YF07 Ordinary Shares 6,927,785 MANAGEMENT AIFM & Portfolio Gabelli Funds, LLC Manager Ongoing Charges 1.67% Management Fee 0.85% Performance Fee 20% with Hurdle & HWM Performance Hurdle Twice the return on 13 week US TBills, capped at 3% of average net assets FINANCIAL CALENDAR Year End 30 June Next AGM (Expected) Q4 2026 CLIENT SERVICES Tel (UK) +44 (0)20 3206 2100 Tel (US) +1 (914) 921 5135 Tel (IT) +39 02 3057 8299 Email gmpassist@gabelli.com Web gabelli.com/merchant Day One Biopharmaceuticals, Inc. (DAWN-$21.44-NASDAQ) agreed to be acquired by Servier Pharmaceuticals LLC (Private) on March 6, 2026. Day One is a commercial-stage biopharmaceutical company focused on targeted therapies for pediatric and adult cancers, including OJEMDA, its FDA-approved treatment for pediatric low-grade glioma. Under terms of the agreement, shareholders will receive $21.50 per share in cash, valuing the transaction at approximately $2.5 billion. The deal is subject to customary closing conditions, including Hart-Scott-Rodino clearance and the tender of a majority of outstanding shares, and is expected to close in the second quarter of 2026. We initiated a position on the day of announcement. At month end, shares traded tightly to the offer price. NOTEWORTHY ANNOUNCED DEAL ( IN THE MONTH OF MARCH 2026) Toyota Industries Corp. (6201-TSE) had agreed to be acquired by a Toyota Group-led consortium in a transaction originally announced on June 3, 2025. Toyota Industries manufactures materials handling equipment, including forklifts, as well as automobiles and automotive components, and holds significant equity stakes in Toyota Group companies. Under the original proposal, shareholders were to receive ¥16,300 per share in cash, though the offer was revised to ¥18,800 on January 14, 2026 following pressure from minority investors. The consortium later increased the consideration to ¥20,600 per share, and the tender offer was successfully completed on March 24, 2026. At the final price, the transaction valued Toyota Industries at approximately ¥6.1 trillion. Toyota Industries was one of the top contributors to performance in the first quarter of 2026. NOTEWORTHY COMPLETED DEAL (IN THE MONTH OF MARCH 2026) > Please visit www.gabelli.co.uk to view additional document of the Company Past performance is no guarantee of future results SECTOR EXPOSURE 1 (%) Communication Services 15.7 Consumer Discretionary 4.9 Consumer Staples 5.8 Energy 3.0 Financials 20.4 Healthcare 19.2 Industrials 13.8 Information Technology 8.4 Materials 4.9 Utilities 3.9 Total 100.0% SELECTED HOLDINGS • Arcellx Inc • Masimo Corporation • Chart Industries Inc • Penumbra Inc • Clearwater Analytics Holdings • Sealed Air Corporation • Electronic Arts Inc • TXNM Energy Inc • Hologic Inc • Warner Bros Discovery Inc GEOGRAPHIC EXPOSURE United States 75.4 Europe 19.4 Rest of World 5.2 Total 100.0% > Gabelli Merchant Partners Plc |3 St. James’s Place, London SW1A 1NP, United Kingdom |+44 (0)20 3206 2100 |www.gabelli.co.uk ## Quarter Ended March 31, 2026 MANAGER COMMENTARY Our March performance reflected broader equity market volatility driven by geopolitical tension in the Middle East and higher oil prices, which contributed to mark-to-market spread widening across many of our announced deal positions. During the month, we realized gains on several transactions that closed, including Toyota Industries, which we first highlighted in January, Exact Sciences, which we discussed in last month’s letter, and TEGNA, which we discuss in greater detail below. Proceeds from these completed deals, together with wider spreads across existing positions, created opportunities to redeploy capital into select deals at more attractive levels. We believe this positioning can enhance return potential for our Partners as those transactions continue to progress toward closing. Despite this near-term volatility, underlying deal activity remained robust. Global announced M&A totaled $1.2 trillion in the first quarter of 2026, up 27% from the first quarter of 2025 and marking the strongest opening period for dealmaking since 2021. The United States remained the preferred venue for transactions, with U.S. targets accounting for 52% of worldwide activity, or $623 billion. Technology was the most active sector at 26% of total announced value, followed by Energy & Power at 14%, while Financials also remained a meaningful contributor. Private equity-backed buyouts totaled $319.7 billion, representing 27% of overall M&A activity in the quarter. Activity was also concentrated in larger transactions, with 22 deals greater than $10 billion driving the strongest opening quarter for mega-deals on record even as overall deal count declined year over year. Looking ahead, we continue to expect a healthy M&A environment through the balance of 2026, supported by ongoing strategic activity and a solid pipeline of announced and prospective transactions, even as macro conditions remain unsettled. March again demonstrated that periods of macro and geopolitical volatility can create short-term dislocations in merger arbitrage spreads and more compelling entry points for disciplined capital deployment. We believe this remains a constructive backdrop for active management, where selective positioning in transactions with strong merger agreements and clear paths through regulatory, financing, and shareholder hurdles can support attractive returns as those deals advance toward completion. • TEGNA Inc (TGNA-NYSE) had agreed to be acquired by Nexstar Media Group Inc. (NXST-$180.83-NASDAQ) on August 18, 2025. TEGNA owns and operates 64 television stations in 51 U.S. markets, reaching approximately 39% of U.S. television households, and delivers local news, sports, and entertainment across various platforms. Under the terms of the agreement, TEGNA shareholders received $22.00 per share in cash, valuing the transaction at approximately $6.2 billion, including assumed debt. As discussed in our August letter, the transaction followed TEGNA’s previously terminated 2022 sale to Standard General at $24.00 per share, which was abandoned after FCC delays caused financing commitments to expire. The Nexstar transaction reflected market expectations that a more accommodative regulatory backdrop, including new leadership at the FCC, would improve the prospects for consolidation in the broadcast sector. In the final days before closing, TGNA shares traded at approximately 10% gross deal spread to the $22.00 acquisition price, reflecting elevated regulatory uncertainty. The transaction received the necessary approvals from the FCC and DOJ and closed on March 19, 2026. The position contributed positively to monthly performance as the spread narrowed following receipt of the final regulatory approvals and through deal completion. • Warner Bros. Discovery, Inc. (WBD-$27.46-NASDAQ) agreed to be acquired by Paramount Skydance Corporation (PSKY-$9.02-NASDAQ) on February 27, 2026, as discussed in our February letter. Warner Bros. Discovery is a global media and entertainment company operating film and television studios, premium cable networks, and direct-to-consumer streaming platforms including HBO and Max. Under the terms of the agreement, WBD shareholders will receive $31.00 per share in cash, valuing the transaction at an enterprise value of approximately $110 billion. The merger agreement includes a $7 billion regulatory termination fee payable by Paramount to WBD shareholders if antitrust approval is not obtained, and a $0.25 per share quarterly ticking fee beginning after September 30, 2026 if the transaction remains pending. Closing remains subject to WBD shareholder approval and global regulatory review. During March, the spread widened as investor attention shifted from the improved economics of Paramount’s revised offer to the remaining execution risks embedded in the transaction, including antitrust review, labor opposition, and governance-related controversy ahead of the scheduled April 23, 2026 shareholder vote. While the position detracted from monthly performance, the gross deal spread widened to approximately 12.9% at month end, from approximately 10.0% at the end of February, which annualizes to approximately 27.4%, assuming a September 30, 2026 close. > Please visit www.gabelli.co.uk to view additional document of the Company Past performance is no guarantee of future results > Gabelli Merchant Partners Plc |3 St. James’s Place, London SW1A 1NP, United Kingdom |+44 (0)20 3206 2100 |www.gabelli.co.uk ## Quarter Ended March 31, 2026 DISCLOSURES > 1 Sector Exposure includes only long positions. Source: Bloomberg. All data is in USD terms. > 2 Portfolio composition is reflective of the portfolio as of the date of this report, but is not necessarily indicative of the composition of the portfolio in the future which may be significantly different than that show here. The classifications of market capitalisation, sector, and geography for the Company and indices were sourced from Factset Systems and data is believed to be reliable. For market capitalization classifications, greater than $10 billion is considered large cap, $2-10 billion is mid cap, and less than $2 billion is small cap. Market Capitalisation, sector and geographic exposures reflect that of equity investments only. Invested Capital includes all long positions (including Net Swap Positions, excludes Net Cash and US Treasuries. Short term fixed Income includes US Treasury/Money Market/Cash > 3 NAV performance is net of all fees and expenses and based on the initial NAV of $9.92 on 19 July 2017. > 4 Market performance is based on the initial offering price of $10.00 on 19 July 2017 and reflects changes in closing market values on the LSE. > 5 Inception to Date performance is from 19 July 2017. > 6 Source: treasury.gov, 13 Week Treasury Bill Coupon equivalent at the end of month divided by 12 (months), to represent it on a monthly basis. Note: This document is not for release, publication or distribution, directly or indirectly, in whole or in part in any jurisdiction where such offer or sale would be unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on Gabelli Merchant Partners Plc (the “Company”) or GAMCO ASSET MANAGEMENT (UK) LTD (or any of its affiliated entities) together (“GAMCO”). Persons into whose possession this document comes must inform themselves about, and observe, any such restrictions as any failure to comply with such restrictions may constitute a violation of the securities law of any such jurisdiction. This document has been prepared by the Company for information purposes only and does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, ordinary shares of $0.01 each in the capital of the Company (“Ordinary Shares”) in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on the Company or GAMCO. The offer and sale of Ordinary Shares have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, South Africa or Japan. Subject to certain exceptions, the Ordinary Shares may not be offered or sold within the United States, Australia, Canada, South Africa or Japan or to any national, resident or citizen of the United States, Australia, Canada, South Africa or Japan. This document does not constitute any form of financial opinion or recommendation on the part of the Company or any of its affiliates or advisers and is not intended to be an offer, or the solicitation of any offer, to buy or sell any securities in any jurisdiction. Each investor must comply with all legal requirements in each jurisdiction in which it purchases, offers or sells the Company’s securities, and must obtain any consents, approval or permission required by it. This document is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities except on the basis of information in the prospectus to be published by the Company in due course in connection with the application to be made to the UK Listing Authority and the London Stock Exchange for the Ordinary Shares proposed to be issued to be admitted to listing on the premium listing segment of the Official List and to trading on the Main Market for listed securities of the London Stock Exchange respectively (the “Prospectus”). Copies of the Prospectus will, following publication, be available from the Company’s registered office. The Ordinary Shares have not been nor will be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and the Ordinary Shares may not be offered, sold, exercised, resold, transferred or delivered, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the U.S. Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction in the United States. The Company has not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the “U.S. Investment Company Act”) and investors will not be entitled to the benefits of the U.S. Investment Company Act. This document has not been approved (for the purposes of section 21 of the Financial Services and Markets Act 2000 (“FSMA”). This document is being issued to and directed only at: (i) persons who have professional experience in matters relating to investments and who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”); or (ii) persons who fall within Article 43 of the Financial Promotion Order (members and creditors of certain bodies corporate); or (iii) persons who fall within Article 49(2) of the Financial Promotion Order (including certain high net worth companies, unincorporated associations or partnerships and the trustees of high value trusts, or other respective directors, officers or employees as described in Article 49 of the Financial Promotion Order); or (iv) any other persons to whom this presentation for the purposes of Section 21 of FSMA can otherwise lawfully be made without further action; or (v) persons otherwise permitted by the laws of the jurisdiction in which they are resident to receive them; or (vi) in relation to persons in member states of the European Economic Area (“EEA”), are a “professional client” or an “eligible counterparty” within the meaning of Article 4(1)(II) and 24(2); (3) and (4), respectively, of MiFID (as MiFID is implemented into national law of the relevant EEA state). This document is not intended to be, and must not be, distributed, passed on or disclosed, directly or indirectly, to any other class of person. The condition of you receiving this document is that you fall within one of the categories of persons described above and by accepting this document you will be taken to have warranted, represented and undertaken to the Company that: (a) you fall within one of the categories of persons described above, (b) you have read, agree to and will comply with the terms of this disclaimer; and (c) you will conduct your own analyses or other verification of the data set out in this document and will bear the responsibility for all or any costs incurred in doing so. Persons who do not fall within one of the categories of persons described above should not rely on this document nor take any action upon them, but should return them immediately to the Company at its registered office. In addition, the Ordinary Shares will only be offered to the extent that the Company: (i) is permitted to be marketed into the relevant EEA jurisdiction pursuant to either Article 36 or 42 of the EU Directive on Alternative Investment Fund Managers (if and as implemented into local law); or (ii) can otherwise be lawfully offered or sold (including on the basis of an unsolicited request from a professional investor). Gabelli Merchant Partners Plc, formerly Gabelli Merger Plus+ Trust, announced that its name changed effective from 2 April 2025, and its shares began trading under the new name on the Specialist Fund Segment (SFS) of the London Stock Exchange at that time. The trust’s ticker (ISIN) and SEDOL remains unchanged. > Please visit www.gabelli.co.uk to view additional document of the Company Past performance is no guarantee of future results Gabelli Merchant Partners Plc | 3 St. James’s Place, London SW1A 1NP, United Kingdom | +44 (0)20 3206 2100 | www.gabelli.co.uk ## Quarter Ended March 31, 2026