Page 1 of 2 | Morningstar Factsheets | All data as at 13 Oct 2014 unless stated otherwise Murray Income Trust Plc MUT Morningstar Peer Group Classification UK Equity Income Total Return Performance (GBP) over 5 years (or since inception) Investment Objective To achieve a high and growing income combined with capital growth through investment in a portfolio of UK equities. Valuation statistics (NAVs estimated1) GBX 13 Oct 2014 Price 728.50 Fair Cum NAV 732.71 Fair Ex NAV 725.24 Par Cum NAV 732.71 Par Ex NAV 726.70 Fair Cum Discount -0.57 Fair Ex Discount +0.45 Par Cum Discount -0.57 Par Ex Discount +0.25 Peer Group Discount -0.50 0.50 Z-Statistic2 12 m High 806.00 Low 721.50 807.90 722.12 +3.07 -3.89 Last Actual NAVs (GBX) as at 10 Oct 2014 Fair Cum NAV 733.00 Fair Ex NAV 725.53 Par Cum NAV 733.00 Par Ex NAV 725.53 Key Data Domicile Launch Date Financial Year-end Exchange Next AGM NAV Frequency Dividend Frequency Total Assets (GBP) Net Assets (GBP) Shares Outstanding Gross Gearing3 Net Gearing4 Average Daily Shares Traded (1yr) Average Daily Value Traded (1yr) Total Expense Ratio5 (2014) Market Capitalisation (GBP) Net Dividend Yield6 UK 07 Jun 1923 30 Jun London (LSE) Oct 2014 Daily Quarterly 539.3m 494.3m 68,017,458 109 108 0.054m 0.694m 0.73% 495.5m 4.29% Performance (Total Return %)8 GBP 1 month 3 months Price -4.12 -6.84 NAV -5.62 -5.34 Peer Group (Price) -5.15 -4.83 Peer Group (NAV) -5.94 -4.21 Benchmark -6.56 -4.20 6 months -2.25 -3.41 -2.95 -2.36 -2.19 1 year -0.44 +0.71 +1.61 +3.49 +1.24 YTD -4.48 -4.46 -3.63 -2.80 -3.53 3 years +35.70 +37.13 +48.52 +48.70 +34.91 5 years +72.23 +65.70 +91.96 +82.90 +51.53 Peer Group: Morningstar IT UK Growth & Inc P Morningstar Benchmark: FTSE All-Share Index Fund distributions reinvested on ex-dividend date8 Dividend Yields over 5 years (or since inception) Dividend Policy The fund intends to pay quarterly dividends Year-on-Year Dividend Growth % (financial year 30 Jun) 2015 0.00 2014 1.63 2013 3.36 2012 3.48 2011 2.68 Distributions (GBP) over 5 years (or since inception) Dividend Growth % (annualised on current financial year)7 1 year 0.00 2 years 0.81 3 years 1.65 4 years 2.11 5 years 2.22 Directors Patrick Gifford (Chairman), Donald Cameron, Neil Honebon, Jean Park, Neil Rogan, David E Woods Fund Manager: Charles Luke (03 Oct 2006) Aberdeen Asset Management 40 Princes Street, Edinburgh, UK, EH2 2BY Telephone: +44 (0)131 528 4000 Website: www.murray-income.co.uk Stockbroker: Canaccord Genuity Limited Management Fee Summary Management fee 0.55% on the first GBP400m, 0.45% on the next GBP150m and 0.25% on amount in excess of GBP550m p.a. of Net Assets. Contract terminable on 3 months notice. A secretarial fee of GBP75,000 p.a. is also payable. Latest Dividend History (GBp) Type Income Income Income Income Income Income Income Income Income Income Dividend Declared Date 10.250 10 Sep 14 7.000 09 Dec 13 09 Dec 13 7.000 09 Dec 13 7.000 11 Sep 13 9.750 07 Dec 12 7.000 07 Dec 12 7.000 07 Dec 12 7.000 12 Sep 12 13.250 28 Dec 11 5.500 Ex Div Date 24 Sep 14 04 Jun 14 05 Mar 14 18 Dec 13 25 Sep 13 05 Jun 13 06 Mar 13 19 Dec 12 26 Sep 12 06 Jun 12 Record Date 26 Sep 14 06 Jun 14 07 Mar 14 20 Dec 13 27 Sep 13 07 Jun 13 08 Mar 13 21 Dec 12 28 Sep 12 08 Jun 12 Payment Date 31 Oct 14 04 Jul 14 04 Apr 14 17 Jan 14 29 Oct 13 12 Jul 13 12 Apr 13 14 Jan 13 25 Oct 12 13 Jul 12 Initial Public Offering on 17 Sep 1953 The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of these factbook pages. Financial Year 2014 2014 2014 2014 2013 2013 2013 2013 2012 2012 Page 2 of 2 | Morningstar Factsheets | All data as at 13 Oct 2014 unless stated otherwise Murray Income Trust Plc MUT Risk & Return9 Discrete Monthly Price & NAV Total Return % (GBP) Sector Breakdown (%) Discrete Yearly Price & NAV Total Return % (GBP) Geographic Breakdown (%) Risk & Correlation Alpha (NAV) 11 Beta (NAV)12 R-squared (NAV)13 Sharpe (NAV)14 Price Volatility15 NAV Volatility15 Benchmark Volatility15 Peer Group Price Volatility15 Peer Group NAV Volatility15 3 months -0.03 1.05 0.83 -1.15 11 10 9 9 9 6 months -0.01 0.98 0.81 0.08 12 9 9 9 8 1 year -0.10 1.07 0.84 0.90 13 10 9 9 9 3 years 0.21 0.89 0.81 1.21 16 12 13 12 11 5 years 0.21 0.95 0.86 1.01 19 14 15 14 14 Additional Performance (Total Return%8) GBX Largest Holdings (% Portfolio10) as at 31 Aug 2014 Royal Dutch Shell Plc AstraZeneca Unilever Plc GlaxoSmithKline Plc British American Tobacco BHP Billiton Plc Centrica Plc HSBC Holdings Plc Roche Holding AG Prudential Plc Total Capital Structure Number of Shares 68,017,458 451,000 Loan CCY GBP 4.8% 4.5% 4.4% 4.4% 4.4% 4.2% 3.9% 3.8% 3.7% 3.3% 41.1% Period 2014 2013 2012 2011 2010 2009 Since FTSE 2009 Low (13 Mar 09) Since Sub-Prime (20 Nov 07) Since FTSE 2007 Peak (13 Oct 07) Price -4.48 +23.20 +12.25 +2.95 +26.29 +23.35 +152.16 +54.02 +37.02 NAV Peer Price -4.46 -3.63 +23.64 +28.29 +11.18 +17.43 +1.96 +2.08 +16.83 +25.29 +26.67 +24.69 +157.81 +173.99 +39.33 +72.35 +28.64 +55.92 Peer NAV Benchmark -2.80 -3.53 +29.60 +20.81 +14.50 +12.30 +3.31 -3.46 +16.76 +14.51 +25.40 +30.12 +174.46 +131.64 +55.67 +36.52 +43.65 +26.14 Wind-up Provisions/Buy Back Policy The Fund has an unlimited life. The Funds authority to repurchase up to 14.99% of its own issued share capital will be up for renewal annually at the AGM. Share Type Ord 25p Treasury Shares £m 45.0 Redemption Coupon 1.354% Net Dividend Yield – This is calculated by dividing the current financial years dividends (this will include prospective dividends) by the current price. Dividend Growth – The annualised percentage growth in dividends. Based upon the current financial year, including any future estimates or forecasts. Performance – Calculated using start and end period Share Prices or NAV Dividends are reinvested on the ex-dividend date at the prevailing Share Price or NAV. Risk & Return – 1 Year ex income par NAV total return performance against 1 Year NAV volatility. Please see notes 8 and 15 for performance and volatility definitions respectively. 2 10 Portfolio – In order to calculate the portfolio value we deduct any holdings in cash only (Note that Fixed Interest is not included). 11 Alpha – The difference between the fund’s average excess total return and the benchmark’s average excess total return. 3 12 Beta – The sensitivity of the fund to broad market movements. A Beta of 0.5 would imply the fund will move by half as much as the index. 4 13 R-squared – A measure of correlation between the fund and index. A value of 0.8 means that 80% of the fund’s NAV changes can be explained by changes in the index. 14 Sharpe – A risk-adjusted return measure, calculated by dividing the fund’s average monthly excess total return over the risk-free rate by the standard deviation of those returns. 5 The figure shown is the annualized Sharpe Ratio. 15 Volatility – The annualized standard deviation of the logged daily returns, adjusting for distributions from capital. The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of these factbook pages. 1 NAV Estimation - Fair value of debt refers to the market price of the debt if it is traded or, if it is not traded, an estimation of its value calculated using points over gilt methodology. Cum Income NAVs include net revenue in the financial year to date. All estimates are fully diluted for the effects of warrants, convertibles or treasury shares. NAV estimations are created and maintained by Morningstar. For more detailed methodology document please contact [email protected] Z-Statistic 1y – Shows whether the fund’s current discount is significantly higher or lower than the average over the past year, calculated as (Current Discount – Mean) / Std Dev Gross Gearing – The ratio of estimated gross Assets to the Net Assets, expressed as a percentage Net Gearing – The ratio of estimated Gross Assets minus cash and fixed interest to the Net Assets, expressed as a percentage. Cash and fixed interest represents not-equity exposure. Total Expense Ratio – (Total Expenses – Performance Fees – Cost of Leverage – Tax – Restructuring Costs) / Average Net Assets 6 7 8 9