Title: PowerPoint Presentation URL Source: https://documentscdn.financialexpress.net/Literature/BD2CE3A37941085AF1BF78C8CB36BCCC/242282438.pdf Number of Pages: 4 Markdown Content: 100 150 200 250 300 350 400 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 NAV Price MSCI World Issued and approved by Lindsell Train Limited. Authorised and regulated by the Financial Conduct Authority . # The Lindsell Train Investment Trust (LTIT) M O NT H L Y R E P O R T | FAC T SH E E T A L L D A T A A S O F 3 0 A P R I L 2 0 2 6 To maximise long-term total returns, with a minimum objective to maintain the real purchasing power of Sterling capital, by investing globally in a wide range of financial assets with no limitations on the markets and sectors in which investment may be made. There is likely to be a bias towards equities and Sterling assets, consistent with a Sterling-dominated investment objective. Included in the range of assets are Lindsell Train managed funds and the unlisted security Lindsell Train Limited. For further information please see www .ltit .co .uk Portfolio Manager Nick Train Share price £5.98 NAV per Share £7.11 Market Capitalisation £120m Net Assets £142m (Discount) / Premium to NAV (15.92%) Number of Holdings 16 Dividend Per Share £0.42 Current Net Yield (Dividend/Price) 7.02% Active Share 99.20% Annual Management Fee 1 0.60% Ongoing Charges Figure 2 0.80% Performance Fee† 10% Benchmark 3 MSCI World Index £ Capital Structure 20,000,000 Ordinary Shares of 0.75p nominal each. Listing LSE Launch Date 22 January 20 01 Year End 31 March Dividends Payable September Base Currency GBP(£) AIC Sector Global ISIN GB00BNKDVV71 SEDOL BNKDVV7 Bloomberg LTI LN Fund Information 2021 2022 2023 2024 2025 LTIT NAV +3.8 -9.4 +3.3 +1.3 -13.9 LTIT Price -9.7 -13.4 -13.9 -1.2 -14.4 MSCI World Index £ +22.9 -7.8 +16.8 +20.8 +13.5 Calendar Year Total Return Performance (%) £ Fund Objective & Policy Annualised 1m 3m YTD 1yr 3yr 5yr 10yr Since Launch LTIT NAV -0.6 -7.0 -12.0 -24.0 -8.8 -6.2 +8.5 +10.6 LTIT Price +8.7 -6.0 -8.0 -23.6 -12.0 -11.7 +3.7 +9.7 MSCI World Index £ +6.4 +4.4 +4.6 +27.0 +16.6 +11.7 +13.5 +7.7 Total Return Performance to 30th April 2026 (%) £ Source: Lindsell Train Limited, Bloomberg and Morningstar Direct. Listed securities in the portfolio are valued at the closing bid price. GBP return net of fees and expenses with dividends reinvested. For periods greater than one year, returns are shown annualised. Past performance is not a guide to future performance. Source: Lindsell Train Limited/ Frostrow Capital LLP, Morningstar & Bloomberg. Share Price is based on closing mid price. Investment Growth over the last 10 years As of 30th April 2026. Source: Lindsell Train, Bloomberg, Morningstar Direct. GBP total return net of fees and expenses with dividends reinvested. The graph shows NAV per share, Price and MSCI World performance per £100 invested. > 3 Prior to 1 April 2021, the benchmark was the annual average running yield of the longest-dated UK government fixed rate bond, plus a premium of 0.5%, subject to a minimum yield of 4%. Lindsell Train Limited 18.33 London Stock Exchange Group 15.64 WS Lindsell Train North American Equity Fund 13.75 Nintendo 9.64 RELX 6.92 Unilever 4.71 A.G. Barr 4.68 Diageo 4.45 Mondelez 3.15 Thermo Fisher 3.04 Top 10 Holdings (% NAV) Allocation (% NAV) Fund Exposure (% NAV) > T H E L I N D S E L L T R A I N I N V E S T M E N T T R U S T P L C M O N T H L Y R E P O R T | F A C T S H E E T Fee Information Equities: Communication Services 12.4 Consumer Staples 21.3 Financials 18.1 Health Care 3.0 Industrials 6.9 Information Technology 1.6 Unlisted Securities 18.3 Funds and Trusts 16.0 Cash & Equivalents 2.3 Total 100.0 Equity Funds* and Trusts Cash & Equivalent Total UK 54.7 2.2 2.3 59.2 USA 10.2 13.7 - 23.9 Europe (ex UK) 7.1 - - 7.1 Japan 9.6 - - 9.6 Total 81.6 15.9 2.3 100.0 Annual Fee Performance Fee > 1 0.60% management fee of the lower of the company’s market capitalisation or NAV calculated daily. > 2 The OCF of 0.80% is a measure of the impact of the costs that are incurred each year for managing your investments and running the Company. The OCF excludes any portfolio transaction costs and potential performance fees, and is stated as at 31 March 2025. † 10% of the value of any positive relative performance versus the benchmark in a financial year. Relative performance is measured by taking the lower of the NAV or Average Market Price (defined as the average price over the last month of the performance period), taking into account dividends, at the end of each financial year and comparing the percentage annual change with the total return of the benchmark. A performance fee will only be paid out if the annual change is both above the benchmark and is a positive figure. For further information, please contact Frostrow Capital LLP. Issued and approved by Lindsell Train Limited. Authorised and regulated by the Financial Conduct Authority. > * Exposure of funds are assigned to their geographic investment area. > Holdings and allocation subject to change. Registrar MUFG Corporate Markets Central Square, 29 Wellington Street, Leeds, LS1 4DL Tel: +44 (0)371 664 0300 www.eu.mpms.mufg.com shareholderenquiries@cm.mpms.mufg.com Please contact the registrars if you have a query about a certificated holding in the Company’s shares. Corporate Secretary & Registered Office Frostrow Capital LLP 25 Southampton Buildings, London, WC2A 1AL Tel: +44 20 3008 4910 www.frostrow.com Email: info@frostrow.com Authorised & Regulated by the FCA Board of Directors - Roger Lambert (Chairman of the Board and Management Engagement Committee) - Nicholas Allan (Chairman of the Nomination Committee) - Sian Hansen - Michael Lindsell - David MacLellan (Chairman of the Audit Committee) - Helena Vinnicombe (Senior Independent Director) Portfolio Manager Commentary > T H E L I N D S E L L T R A I N I N V E S T M E N T T R U S T P L C M O N T H L Y R E P O R T | F A C T S H E E T In an interview reviewing the rationale for Unilever’s decision to merge its food business with McCormick, Fernando Fernandez, Unilever’s CEO, made two points that particularly interested me. They are interesting because if they are valid, they could help this unpopular transaction become a success. But they are also interesting as signifiers of where new investment gains could be made. The first point relates to the nature of the new food company. McCormick is a special type of food company and becomes even more of one with the addition of Unilever’s assets. McCormick is a “dividend aristocrat”, with 40 years of growth and its shares are up 50-fold over that 40 year period. Admittedly, over the last 20 years progress has been more muted. Nonetheless, over the last two decades revenues and earnings have more than trebled, the dividend is up 5-fold and the shares, despite a sell-off over the last two years, are up 4.5x, to the start of 2026. McCormick ascribes this success to it not being a packaged foods business, increasingly the most challenged part of the food industry. Instead it is a leader in condiments, spices and flavourings. Packaged foods are vulnerable to GLP-1s and health concerns. Meanwhile, condiments are, Fernando Fernandez claimed, actual beneficiaries of changes in consumer eating habits. Smaller portion sizes and increased protein consumption require spices and flavourings to make them more palatable, and McCormick has been and will continue to be a beneficiary of these trends. Add Unilever’s Hellmann’s, Knorr, Maille and Colman’s to the combined brand portfolio and you have, in the company’s words, “an entire supermarket aisle of condiments, spices and sauces”. Again according to Fernandez, private label competition in flavourings is low. We believe this is an underappreciated aspect of the deal and could lead, in time, to a higher rating for the new food company. McCormick notes of the deal that it combines two of the very few global CPG (consumer packed goods) companies delivering consistent growth. To be clear, McCormick’s current volume growth rate is only c.2.0%, but it hopes the scale and synergies of combining with Unilever could more than double that rate. Of course, in a world focused on AI hyperscalers, even that acceleration seems uninspiring. But if investor preferences change - let’s say by the time the merger closes in 2027 - we hope the earnings growth of the newly formed business, driven by cost savings but also the increased consumer appetite for flavourings, will appear more certain and attractive to investors. Certainly, we find ourselves in agreement with the CEO of McCormick who said of the deal: “It is a once in a generation opportunity to transact on attractive assets and attractive categories where we have deep, unmatched experience.” The second point relates to the impact that the transaction will have on Unilever. One of the implications of the food disposal is that the remaining Unilever becomes even more exposed to emerging markets, moving from high 50s% of revenues to 62%. And within that block, Unilever’s exposure to India increases to 17% of the group. Fernandez noted that this is a true strategic differentiator for the company, with its average peer having a 3% presence in the sub-continent. He went further, calling out the laundry division in India as the biggest growth opportunity in Unilever. Washing machine penetration of households remains low in India, at c.15%, compared to, say, Vietnam at 30-40% and Mexico at 65-75%; but it is increasing. Looking at Unilever’s recent quarterly results in India, revenues accelerated to 7%, with 6% volume growth – the highest for 15 quarters. Within that and corroborating the CEO’s optimism, the home care division grew 9%. Hindustan Lever has also been a remarkable wealth-creator over the last 20 years. Its dividends are up over 8-fold and its shares up nearly 12-fold. Trading remains tough in India, with commodity price inflation crimping margins and consumer demand. But in a world where those malign factors ameliorate, Unilever’s long growth runway in India could become much more attractive. I have written about Unilever here, because it is a holding in your portfolio. But also because even as we currently devote much of our research effort to understanding the implications of AI, particularly the investment opportunities it presents, we know we must be alert to other types of opportunity. One day, US tech won’t be the only game in town. The best performer in the portfolio in April was London Stock Exchange Group (LSEG), up 9% and now up over 30% from its lows in February. One factor in this bounce was the decision of UBS to remove LSEG from its basket of European “AI-losers”. If anything, LSEG’s success in rebutting AI concerns and its early signs of monetising AI, has made UBS consider the company a possible AI-winner. We agree if that becomes a reality, LSEG’s shares still have a lot of upside. > Nick Train, 18 th May 2026 > Source: Lindsell Train, Morningstar & Bloomberg. All data as of 30th April 2026. > Note: All stock returns are total returns in local currency unless otherwise specified. > The top three absolute contributors to the Trust's performance in April were London Stock Exchange Group, RELX and Diageo, and the top three absolute detractors were Lindsell Train Limited, Nintendo and Thermo Fisher. Please refer to Lindsell Train’s Glossary of Investment terms here .This document is intended for use by Shareholders of the Lindsell Train Investment Trust PLC (“LTIT”) and/or professional investors/persons who are authorised by the UK Financial Conduct Authority or those who are permitted to receive such information in the UK. Neither the views nor the information contained within this document constitute investment advice or an offer to invest. Past performance is not a guide to future performance. Investments carry a degree of risk and the value of investments and any income from them may go down as well as up and you may not get back the amount originally invested. Investments may be affected by market or currency fluctuations. All references to benchmarks are for information purposes only. If in doubt, investors should seek advice from a financial advisor prior to investing. There is no guarantee that the trust will achieve its objective. The Lindsell Train Investment Trust plc is an investment trust company listed on the London Stock Exchange. Investment trusts have the ability to borrow to invest which is commonly referred to as gearing. Companies with higher gearing are subject to higher risks and therefore the investment value may change substantially. The net asset value (“NAV”) per share and the performance of an investment trust may not be the same as its market share price per share and performance. All performance data is calculated net of fees with dividends reinvested, unless otherwise stated. LTIT conducts its affairs so that its shares can be recommended by independent financial advisers ("IFAs") to retail private investors. The shares are excluded from the Financial Conduct Authority's ("FCA's") restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust. The historic dividend yield is not guaranteed and will fluctuate. References to specific securities are included for the purposes of illustration only and should not be construed as arecommendation to buy or sell these securities. Tax legislation and the levels of relief from taxation can change at any time. 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LTL does not endorse or verify the accuracy, context, or conclusions of any such third-party content. Any representations or interpretations made outside our official publications are the sole responsibility of their creators. Issued and approved by Lindsell Train Limited (registered office in England & Wales No.03941727). Authorised and regulated in the UK by the Financial Conduct Authority (FRN:194229). Copyright Lindsell Train Limited 2026. 18 May 2026 LTL-000-317-4 LTL-SC-0055 > T H E L I N D S E L L T R A I N I N V E S T M E N T T R U S T P L C M O N T H L Y R E P O R T | F A C T S H E E T # Important Information