Combining from a position of strength

The Boards believe that the combination will bring together two investment trusts with:

Broadly similar investment objectives

Good and comparable performance records – outperforming the FTSE All-Share Index over 1,3,& 5 years

Share price total return	1 year	3 years	5 years
AEI	32.5%	40.5%	82.1%
SHRS	39.6%	45.1%	72.6%
FTSE All-Share	22.7%	42.7%	78.6%

Good share price ratings and yields above the level of the UK Market

Premium / (Discount) (%)	Latest	1 year average
AEI	1.4	0.0
SHRS	-1.0	-4.5

	Current dividend yield
AEI	5.4%
SHRS	4.8%

Using the expertise of the same portfolio management team.

“The primary aim is to give you a high level of income you can rely on, and to grow this over time. We need to deliver a yield which is attractive compared to the peer group, to the index and to alternatives in cash and bonds. At the same time, we expect to be able to grow capital over time, delivering an attractive real total return for you, our investors.”

Source LSEG Datastream. Data as at 31 January 2026

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