Title: 242654206.pdf URL Source: https://documentscdn.financialexpress.net/Literature/C25A053E05EC1C9DBB15B96917F9918C/242654206.pdf Number of Pages: 3 Markdown Content: 1 PERCENTAGE GROWTH FROM 03/03/2009* TO 31/05/2026 > UK Consumer Price Index Personal Assets Trust Share Price -50 050 100 150 200 250 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ## The Trust’s policy is to protect and increase (in that ## order) the value of shareholders’ funds per share over ## the long term. Total Return to 31 May 2026 03/03/09 Troy Appointment 31/05/16 10 years 31/05/19 7 years 31/05/21 5 years 31/05/23 3 years 31/05/25 1 year Personal Assets Trust Share Price +229.7% +69.7% +46.2% +24.0% +20.9% +7.5% Personal Assets Trust NAV +238.8% +70.3% +47.4% +25.2% +19.3% +6.3% UK Consumer Price Index +65.7% +41.5% +31.6% +28.3% +8.2% +2.6% # May Commentary The Trust produced a Net Asset Value total return of +0.6% during the month and a price total return of +1.9%, compared to a return of +0.0% for the UK Consumer Price Index. During May we started a holding in Markel Group, a US-listed insurer with an unusually long-term, owner-managed culture. Markel is sometimes described as a “mini-Berkshire Hathaway”, which is an imperfect but useful shorthand. At its core, Markel is a specialist insurance company, writing policies in hard-to-standardise areas where niche underwriting expertise is key; for example, prized horses, high-value art in transit, refrigerated pharmaceutical marine cargo, golf hole-in-ones and child summer camps. An insurer like Markel receives premiums today but may not pay claims until years later. Insurers can invest this temporarily held money, known as ‘float’, to earn a return. Most insurers invest cautiously, mainly in highly rated bonds, because it may ultimately be needed to pay claims. Markel does this too, but it is distinctive in also investing a large portion of shareholders’ equity in public equities, historically with a value-oriented, long-duration mindset, as well as a growing collection of private businesses. They have done this to great effect; growing book value per share at double-digit rates over decades – far superior to the average insurance company. Markel has a distinctive personality. People and culture are big attractions for us. There is genuine commitment to permanence, endurance, and honesty. Markel family members have been closely involved in the business since its origins in 1930. A central figure in the company’s story is Tom Gayner, Markel’s CEO and leader of their investments since 1990. Gayner has helped shape Markel’s culture around patient ownership, decentralisation and disciplined capital allocation. We believe there is genuine integrity in the leadership – a view reinforced by our recent detailed discussions with Tom. That does not mean Markel is flawless. Insurance underwriting results have been mixed in recent years, contributing to the shares de-rating to a low level of 1.1x price-to-book . Investors have also criticised the complex structure of this ‘multi-engine’ business – it is hard to dissect and analyse. This has contributed to the company being poorly covered by sell-side analysts (an attraction in our view). Overall, we like the opportunity from today’s valuation. If management can improve underwriting discipline and continue allocating capital sensibly across its different ‘engines’, we think shareholders will be well rewarded. All data as at 31 May 2026 > www.patplc.co.uk PRICE NAV PREMIUM/ DISCOUNT MARKET CAP # 544.00p 543.75p 0.2% £1.7bn SHARE PRICE DISCOUNT/PREMIUM TO NAV Past performance is not a guide to future performance. *Since Troy Appointment 3 March 2009 Source: Lipper Source: Lipper Source: Thomson Reuters Datastream > PAT Premium/(Discount) AIC Flexible Investment Sector Premium/(Discount) -30 -25 -20 -15 -10 -5 0510 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Discrete Calendar Annual Returns 2009* 2010 2011 2012 2013 2014 2015 2016 2017 Personal Assets Trust Share Price +32.7% +14.4% +8.3% +4.2% -4.8% +10.3% +1.7% +14.2% +5.7% 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD -3.0% +10.2% +7.9% +12.0% -3.5% +0.7% +6.6% +10.4% +1.0% Source: Troy Asset Management Limited, Lipper & Bloomberg. 2 RISK ANALYSIS Risk analysis since 03/03/2009 Personal Assets Trust Share Price Total Return +229.7% Max Drawdown 1 -11.9% Best Month +5.1% Worst Month -5.4% Positive Months +65.0% Annualised Volatility 2 6.6% Past performance is not a guide to future performance . Source: Lipper > 1 Measures the worst investment period > 2 Measured by standard deviation of annual returns. RETURN VS VOLATILITY SINCE 03/03/2009 > Personal Assets Trust Share Price UK Consumer Price Index 040 80 120 160 200 240 280 01234567Total Return (%) Annualised Volatility (%) Gold Bullion (Bars) 9.2% Visa 3.6% Alphabet 3.4% Agilent Technologies 2.9% Unilever 2.6% Diageo 2.4% Heineken 2.4% Canadian National 2.3% Chubb 2.1% Microsoft 1.8% Total Top 10 32.6% 9 Other Equity holdings 12.2% US TIPS 15.2% UK Inflation-linked 14.7% Short-dated Gilts 14.4% Japanese Government Bonds 9.4% Cash 1.5% TOTAL 100.0% Source: Factset. Holdings subject to change. TOP 10 HOLDINGS HISTORIC ONGOING CHARGES RATIO ASSET ALLOCATION > Equities 36% > US TIPS 15% > UK Inflation-linked 15% > Gold-related investments 9% > Japanese Government Bonds 9% > Short-dated Gilts 14% > Cash 2% Source : Factset. Asset allocation is subject to change. Source:Juniper Partners Limited £0m £200m £400m £600m £800m £1,000m £1,200m £1,400m £1,600m £1,800m £2,000m 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 OCR (%) Net Assets Past performance is not a guide to future performance. CURRENCY EXPOSURE (NET) Currency GBP 65% USD 10% JPY 9% Gold-related investments 9% EUR 4% CHF 3% 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. 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 Personal Assets 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 Structure London Listed Investment Trust Investment Manager Troy Asset Management Limited 33 Davies Street London W1K 4BP Tel: 020 7499 4030 Email: busdev@taml.co.uk Board Chairman Iain Ferguson CBE Senior Independent Director Paul Read Independent Non-Exec Director Mandy Clements Independent Non-Exec Director Gordon Neilly Independent Non-Exec Director Robbie Robertson Independent Non-Exec Director Sharon Brown Independent Non-Exec Director Jennifer Thomas Co-Manager Sebastian Lyon Co-Manager Charlotte Yonge Currency £ Sterling AIFM Juniper Partners Limited Capital Structure Shares with voting rights 310,734,372 Shares held in treasury 82,070,828 Net Assets £1,693,502,327 Ongoing Charges 0.67% (30 April 2025) Management Fee 0.65% on first £750m 0.50% on £750m-£1bn 0.45% on £1bn plus Allocation of Expense and Interest Capital 65% Revenue 35% Established 22 July 1983 Year End 30 April Premium (Discount) 0.24% Gearing Nil Fund Manager Awards Pricing Share price is listed daily in the FT and Scotsman Dividend Payments January, April, July, October Historic Dividend Yield 1.32% Market Makers PEEL, VHL, NUMS, JPMS, WINS, STFL, INV Bloomberg/Reuters Code PNL.L / PNL.LN ISIN GB00BM8B5H06 SEDOL BM8B5H0 Auditor PricewaterhouseCoopers LLP TRUST INFORMATION