## Dunedin Income Growth ## Investment Trust PLC ### Annual Report 31 January 2026 ### A differentiated, UK-centric strategy, targeting rising income and capital growth, ### aligned with our sustainable investing approach For more information visit dunedinincomegrowth.co.uk ## aberdeeninvestments.com ## dunedinincomegrowth.co.uk ## Company Information and Contacts | Directors | Registrar | | --- | --- | | Howard Williams (Chairman) | Equiniti Limited | | Gay Collins | Highdown House | | Katrina Hart (appointed 1 March 2026) | Yeoman Way | | Christine Montgomery | Worthing | | Arun Kumar Sarwal | West Sussex BN99 3HH | Shareholder help can be found at shareview.co.uk. ### Registered Office & Company Secretary Alternatively, you can contact the Shareholder Helpline: abrdn Holdings Limited +44 (0)371 384 2441* 1 George Street Edinburgh EH2 2LL (*Lines open 8.30 a.m. to 5.30 p.m., Monday to Friday excluding public holidays in England and Wales. Charges Email: dunedin.income@aberdeenplc.com for calling telephone numbers starting with ‘03’ are determined by the caller’s service provider.) ### Alternative Investment Fund Manager If calling from overseas, please ensure the country code abrdn Fund Managers Limited is used. 280 Bishopsgate London EC2M 4AG ### Depositary The Bank of New York Mellon (International) Limited ### Investment Manager 160 Queen Victoria Street abrdn Investments Limited London EC4V 4LA 1 George Street Edinburgh EH2 2LL ### Stockbroker JPMorgan Cazenove ### Company Registration Number 25 Bank Street SC000881 (Scotland) Canary Wharf London E14 5JP ### Legal Entity Identifier (“LEI”) 549300PPXLZPR5JTL763 ### Auditor Deloitte LLP ### Website 110 Queen Street dunedinincomegrowth.co.uk Glasgow G1 3BX aberdeen Investment Trusts @aberdeenTrusts aberdeen Investment Trusts @aberdeenInvestmentTrusts Dunedin Income Growth Investment Trust PLC 121 “The Board is pleased to announce a total dividend of 19.10p per share, an increase of 34.5% compared to the previous year, providing a dividend yield of 6.2%.” Howard Williams, Chairman “The portfolio’s differentiated positioning in high‑quality, resilient businesses looks unusually well priced. The valuation premium relative to the wider UK market has compressed to levels not seen in many years.” Ben Ritchie and Rebecca Maclean, Aberdeen Scan the QR Code below to register for email alerts relating to the Company: Dunedin Income Growth Investment Trust PLC 1 ## Contents Overview Company Summary 3 Performance Highlights 4 Financial Calendar 5 Financial Highlights 6 Your Company’s History 7 Strategic Report Chairman’s Statement 10 Investment Manager’s Review 14 Ten Largest Investments 19 Portfolio 20 Sector and Geographical Analysis 22 Investment Case Studies 25 Performance 26 Information About the Investment Manager 29 Investment Process 30 Sustainable Investment Approach 32 Overview of Strategy 35 Promoting the Success of the Company 42 Governance Board of Directors 48 Directors’ Report 51 Directors’ Remuneration Report 60 Audit & Risk Committee’s Report 63 Financial Statements Statement of Directors’ Responsibilities 68 Independent Auditor’s Report 69 Statement of Comprehensive Income 77 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE Statement of Financial Position 78 ATTENTION. If you are in any doubt about the action you should Statement of Changes in Equity 79 take, you are recommended to seek your own independent Statement of Cash Flows 80 financial advice from your stockbroker, bank manager, solicitor, Notes to the Financial Statements 81 accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (as amended by the Other Information Financial Services Act 2012) if you are in the United Kingdom or, Investor Information 102 if not, from another appropriately authorised financial adviser. Glossary of Terms 104 Share Capital History 106 If you have sold or otherwise transferred all your Ordinary shares in AIFMD Disclosures (Unaudited) 107 Dunedin Income Growth Investment Trust PLC, please forward this Alternative Performance Measures 108 document, together with the accompanying documents, immediately to the purchaser or transferee, or to the stockbroker, General bank or agent through whom the sale or transfer was effected for Notice of Annual General Meeting 112 transmission to the purchaser or transferee. Company Information and Contacts 121 2 Dunedin Income Growth Investment Trust PLC ## Company Summary ### A differentiated, UK-centric strategy, targeting rising income and capital growth, aligned ### with our sustainable investing approach. ### A stronger income proposition for shareholders We have enhanced our income proposition with a dividend reset equivalent to 6.0% of NAV*, offering an attractive notional yield compared to peers in the UK Equity Income sector. Looking ahead, we plan to maintain our progressive dividend policy, aiming to grow dividends over time while maintaining flexibility and resilience. With over 150 years of history, Dunedin Income Growth has a long-standing record of delivering for investors. For more than 45 years, we have paid a steady or rising dividend and are Strategic Report Financial Statements Overview Governance General Other Information proud to be recognised as an AIC ‘Next Generation Dividend Hero’. The Company continues to focus on high-quality companies and long-term capital growth, supported by strong distributable reserves and a disciplined investment approach. ### Focused investing in quality companies, primarily listed in the UK Unlike many UK Equity Income investment trusts that focus on lowly-valued stocks, we prioritise quality. We invest in around 40 carefully chosen companies with strong financial foundations and long-term growth potential, making the Company a compelling complement to more value-driven strategies. Our portfolio is actively managed, with the investment team supported by a dedicated group of analysts across the UK and Europe, delivering deep insight into the businesses we invest in. ### Seeking growth that’s good for the future We look for companies we believe can deliver reliable, long-term income in a changing world. Our definition of quality goes beyond financial metrics – we consider leadership strength, governance standards, sustainable practices, industry trends, competitive advantages, and financial resilience. We assess both risks and opportunities, focusing on businesses with resilient business models and a clear commitment to acting responsibly. As active shareholders, we engage regularly with company leadership and use our voting power to support positive change. *as at 31 July 2025 Dunedin Income Growth Investment Trust PLC 3 ## Performance Hi hli hts A AB ### Dividend yield Net asset value total return per Ord share ## 6.2% 8.2% 2025 5.0% 2025 9.0% A ### Share price total return per Ord share Revenue return per Ord share ## 13.8% 13.6 2025 8.4% 2025 13.8p A AB ### Ongoing charges Discount to net asset value ## 0.57% 7.5% 2025 0.56% 2025 11.6% A Alternative Performance Measure (see pages 108 to 110). B With debt at fair value (see page 92). ### Net Asset Value per share ### – debt at fair value Share price Dividends per share At 31 January – pence At 31 January – pence Year ended 31 January - pence 332.9 | | | | 322.4 | 310.0 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 309.0 | | 309.0 | | | | | | 308.0 | | | | | 19.10 | | | 302.8 | | | | 294.0 | | | | | | | | | | | | | | | | 276.0 | 285.0 | | | | | | | | | | | | | | | | | | | 13.75 | 14.20 | | | | | | | | | | | | 12.90 | 13.10 | | | | 22 23 24 25 26 22 23 24 25 26 22 23 24 25 26 4 Dunedin Income Growth Investment Trust PLC ## g g p # Financial Calendar ## Calendar | Online shareholder presentation | 8 May 2026 | | --- | --- | | Annual General Meeting (London) | 21 May 2026 | | Expected payment dates of quarterly dividends | 29 May 2026 28 August 2026 27 November 2026 26 February 2027 | | Half year end | 31 July 2026 | | Expected announcement of results for the six months ending 31 July 2026 | September 2026 | | Financial year end | 31 January 2027 | | Expected announcement of results for the year ending 31 January 2027 | April 2027 | Calendar Weekly Report Financial Year Annual Annual Dunedin Income Growth Investment Trust PLC 5 # Financial Highlights | | 31 January 2026 | 31 January 2025 | % change | | --- | --- | --- | --- | | Total assets (£'000) (see page 105 for definition) | 442,879 | 477,187 | -7.2 | | Equity shareholders' funds (£'000) | 393,526 | 428,528 | -8.2 | | Market capitalisation (£'000) | 370,209 | 384,605 | -3.7 | | Net asset value per Ordinary share* | 327.40p | 317.55p | 3.1 | | Net asset value per Ordinary share with debt at fair value** | 332.88p | 322.47p | 3.2 | | Share price (mid)* | 308.00p | 285.00p | 8.1 | | FTSE All-Share Index* | 5,511.53 | 4,710.58 | 17.0 | | * Capital only movements | | | | ## Discount (difference between share price and net asset value) | Discount where borrowings are deducted at fair value^{1} | 7.5% | 11.6% | | --- | --- | --- | ## Gearing (see page 104 for definition) | Net gearing^{2} | 11.3% | 10.9% | | --- | --- | --- | ## Dividends and earnings | Total return per share | 22.00p | 23.90p | -7.9 | | --- | --- | --- | --- | | Revenue return per share | 13.64p | 13.82p | -1.3 | | Total dividend per share for the year | 19.10p | 14.20p | 34.5 | | Dividend cover^{3} | 0.71 | 0.97 | | ## Revenue reserves | Prior to payment of third and final dividends^{4} | 17.94p | 17.65p | | --- | --- | --- | | After payment of third and final dividends^{5} | 6.29p | 9.85p | ## Operating costs | Ongoing charges^{6} | 0.57% | 0.56% | | --- | --- | --- | $^{1}$ Considered to be an Alternative Performance Measure as defined on pages 108 and 109. $^{2}$ Calculated by dividing the revenue reserves per the Statement of Financial Position on page 78 by the number of shares in issue at the reporting date per note 1.6 on page 91. $^{3}$ This is herein dividend for the year ended 31 January 2026 of 6.25p per share (2025 – 6.2p). Final dividend for the year ended 31 January 2026 of 7.4p per share (2025 – final dividend of 4.6p). See note 1.6 on page 91 for further details. $^{4}$ Calculated in accordance with the latest IAC guidelines. 6 Dunedin Income Growth Investment Trust PLC ## Your Company’s History The provenance of Dunedin Income Growth Investment The original prospectus described the intended issue of Trust PLC goes back to 1873 and to the origins of the £150,000 in certificates of £100 each, paying interest of 6% investment trust industry in Scotland. In 1873, a 28 year old per annum. Such was the level of demand that the original Robert Fleming (sometimes dubbed the “father of the prospectus was withdrawn and a new one was printed investment trust industry”), persuaded a group of with a capital issue of £300,000. The trust started out with Dundee’s wealthiest investors to back his idea of forming 30 stocks, each comprising no more than 10% of the “the first Association in Scotland for investments in portfolio. Confusingly, a similar sounding investment trust American railroad bonds, carefully selected and widely company, launched in Edinburgh, The Scottish American distributed, and where investments would not exceed Investment Company was formed in April 1873, just a few one-tenth of the capital in any one security”. months after Fleming’s launch in February 1873. In Dundee, two almost identical issues were made in the Fleming, who was later founder of the merchant bank that following two years, described as the “Second Issue” and bore this name, showed extraordinary commercial “Third Issue”. The three issues became three separate acumen at a very young age. He was born in modest Strategic Report Financial Statements Overview Governance General Other Information trust companies, under the Joint Stock Companies Act, in circumstances in Dundee and was first apprenticed as 1879 – the First, Second and Third Scottish American Trust office boy at 13, then rose to become, at 21, book-keeper Companies Ltd, but merged into a single trust company in with the exporting arm of Dundee’s largest textile 1969 as The First Scottish American Trust Company Ltd. merchant, Edward Baxter & Son. In 1984, The First Scottish American Trust Company Ltd In 1870, the elderly Mr Baxter sent Robert Fleming to the became part of the Dunedin Fund Managers’ stable of United States to represent him on business. Fleming trusts and was subsequently renamed in 1990 as Dunedin returned enthused about the investment opportunities Income Growth Investment Trust. Dunedin Fund offered by the States, despite the country still suffering Managers merged with Edinburgh Fund Managers in from the aftermath of the American Civil War. The 1996, which was then acquired by Aberdeen Asset “association” proved to be an attractive means for Management in 2003. Aberdeen Asset Management investors to pool their resources, spread risk and put their merged with Standard Life in 2017 to form what is now the investments under full-time management. Aberdeen Group. The new fund, then known as The Scottish American th In 2023, the Company celebrated its 150 anniversary Investment Trust, was launched on 1 February 1873. The and returned to Dundee for its AGM. Scottish American Investment Trust was partly modelled on the Foreign & Colonial Government Trust that was The book entitled “The History of Dunedin Income launched in 1868. Unlike Foreign & Colonial, which Growth Investment Trust PLC”, covering the life of the purchased overseas government stocks, the new trust Company from 1873 to 2018 is available on the would invest in “The Bonds of States, cities, railroads and Company’s website. other corporations in the US, but chiefly in the mortgage bonds of railroads”. John Guild, one of the chairmen, reported “while in this country you could not lend money on first-class railway debentures at over 4% or 4.5%, in America you could get 7% with the best security of this description”. Coupled with the fact that railway infrastructure development in the UK had by then become relatively mature, it was for this reason that the United States was an attractive destination for Scottish funds. Dunedin Income Growth Investment Trust PLC 7 ## Strategic Report 4.2% of the Company’s total assets are invested in the Gas, Water and Multi-utilities sub-sector (2025: 6.0%). 8 Dunedin Income Growth Investment Trust PLC ### The Company is an investment ### trust with its shares listed on the Main ### Market of the London Stock Exchange. ### The Company’s objective is to ### achieve growth of income and ### capital from a high quality portfolio ### invested mainly in companies listed ### or quoted in the United Kingdom or ### companies having significant ### operations and/or exposure to the ### United Kingdom that meet the ### Company’s sustainable and ### responsible investing approach. Dunedin Income Growth Investment Trust PLC 9 # Chairman's Statement ## Highlights - Total dividend of 19.10p per share, an increase of 34.5% compared to the previous year. - Dividend yield of 6.2% at the year end. - 14.8 million shares bought back, representing 10.9% of issued share capital. - NAV total return of 8.2%. - Share price total return of 13.8%. ## Review of the Period A key development during the year was the Board's announcement of a new dividend policy, increasing the dividend by 34.5% and producing a share price yield of 6.2%. Full details of the new policy are set out below. The Board has made these changes in the expectation that they will lead to an increase in demand for the Company's shares over time. The Company delivered another period of solid NAV and share price performance during the year ended 31 January 2026. The net asset value ("NAV") total return was 8.2% and the share price total return was 13.8%, reflecting a narrowing of the discount at which the shares trade to the NAV. (In the financial year ended 31 January 2025, the NAV total return was 9.0% and the share price total return was 8.4%.) However, performance for the year lagged the wider market by some margin, with the benchmark FTSE All-Share Index producing a total return of 21.1%. While it is disappointing to see the Company's NAV and share price underperform, the benchmark's strong return was largely driven by returns in specific sectors, namely, Banking, Aerospace & Defence and Basic Materials, to which your Company had limited exposure. This positioning reflects the Investment Manager's quality-focused and sustainability-aligned investment approach which continued to face headwinds as investors favoured cheaper, more cyclical stocks. Performance was also constrained by AI-related uncertainty, which led to some indiscriminate selling in technology and information services companies within the portfolio, despite these holdings maintaining robust operational performance. Overall, a small number of large benchmark constituents not held in the portfolio, combined with style headwinds and sentiment pressures, drove the relative underperformance. Given the de-rating of higher Quality stocks, it is perhaps not surprising that relative performance has been so challenged. However, the Investment Manager believes that such stocks are now trading on highly attractive valuations and is fully committed to maintaining its investment approach. Performance can rebound quickly – when the Quality style returns to favour – and the Investment Manager's strategy has delivered strong outperformance in the past. "The Company delivered another period of solid NAV and share price performance during the year ended 31 January 2026. The NAV total return was 8.2% and the share price total return was 13.8%." A more detailed review of performance for the year is included in the Investment Manager's Review on pages 14 to 18. ## Sustainability and Responsible Investment Criteria The Company remains committed to its sustainability ambitions which it believes support long term investing, help identify companies with resilient and growing dividends and is fully aligned with the Investment Manager's process. Applying sustainable and responsible investing principles also enables the Investment Manager to reduce risks in the portfolio. This is achieved by excluding companies whose business models face significant ESG-related threats, helping the Investment Manager identify companies positioned to benefit positively from sustainability themes, and creating opportunities for engagement to improve companies' performance and enhance shareholder value. The Sustainable Investment Approach, including the negative screening criteria, is set out on pages 32 to 34. During the year, the Board and Investment Manager spent considerable time reviewing the negative screening criteria to ensure that they remain appropriate to the Company's objectives. Following this work, the Board has approved a number of changes which are expected to be introduced during the first half of the current financial year. These changes are evolutionary in nature and are designed to align with best practice, which has also evolved in recent years, increase reporting transparency and provide the Investment Manager with greater flexibility in managing the portfolio. 10 Dured in Income Growth Investment Trust PLC At the headline level, the most significant changes in terms The Board’s decision reflects the importance of dividends of increasing the Investment Manager’s flexibility are to in the Company’s long term total return and their value to allow greater flexibility to invest in Aerospace & Defence, shareholders seeking reliable and sustainable income. The permit investment in Nuclear Energy and modify Board has also observed the significant change in restrictions around investment in Natural Resource corporate distribution policies which has seen UK companies. As a consequence, the negative screening companies increasingly favour share buy backs over criteria, which currently exclude approximately 23% of the dividend distributions. The revised approach therefore benchmark FTSE All-Share Index, will reduce the aligns better with this change in corporate behaviour. exclusions to around 13%. More details of the updated The Board does not expect significant changes to the criteria will be published on the Company’s website, in investment process as a result of the new dividend policy. the Pre-investment Disclosure Document and in future The Investment Manager will continue to focus on high- Annual Reports. quality companies and long-term capital and income growth, supported by a disciplined investment approach Strategic Report Financial Statements Overview Governance General Other Information ### Earnings and an integrated sustainability focus. However, the policy Earnings per share for the year were 13.6p, slightly below will give the Company’s portfolio managers additional the 13.8p reported in the previous year. Investment flexibility to focus on delivering total returns. income declined by 9.2% over the period reflecting a reduction of 10.9% in the Company’s capital base following implementation of the share buy back ## “A key development during the year programme. Notwithstanding this, earnings growth from ## was the Board’s announcement of a the underlying portfolio companies has generally remained positive, underscoring the resilience of the ## new dividend policy, increasing the portfolio. The Company has also benefited from the ## dividend by 34.5% and producing a receipt of a number of special dividends which provided an additional uplift to income. ## share price yield of 6.2%.” Income generated by options activities remained a contributor, accounting for 8.7% of total income, albeit this Three interim dividends amounting to 11.70p per share was lower than the 10.6% recorded in the previous year. have already been paid. The Board is proposing a final Elsewhere, the Board has sought to control costs dividend of 7.40p per share, payable on 29 May 2026 to wherever possible and believes that the Company’s on- shareholders on the register on 8 May 2026. This will bring going charges ratio of 0.57% remains competitive within total distributions to 19.10p per share for the year, | the sector, underpinned by a low marginal investment | equivalent to a dividend yield of 6.2% based on the year | | | --- | --- | --- | | management fee of 0.25% charged on net assets above | end share price. | | | £425 million. | | nd | | | This represents the 42 | dividend increase in the past 46 | years, with distributions maintained in the other four years. ### Dividends In addition, having increased the dividend in every year As mentioned earlier, during the year the Board since 2011, the Company is classified by the Association of announced a significant increase in dividend distributions, Investment Companies as part of the ‘Next Generation of targeting at least 19.10p per share for the year, Dividend Heroes’, which recognises those investment representing 6.0% of the NAV as at 31 July 2025. This trusts that have raised their dividend for between 10 and represents an attractive yield compared to cash, the FTSE 19 consecutive years. All-Share Index and peers in the UK Equity Income sector. For future financial years, the Board expects to declare The Board also stated its intention to continue with a three equal interim dividend payments followed by a progressive dividend policy with growth in absolute terms balancing final dividend. in future years and building on the successful long-term track record of dividend increases. The Company will fund the dividend from a combination of revenue and capital generation, utilising one of the key advantages of the investment company structure. Dunedin Income Growth Investment Trust PLC 11 # Chairman's Statement Continued ## Gearing The Company currently has two sources of gearing, a £30 million loan note which matures in 2045, and a £30 million multi-currency revolving credit facility that expires in August 2027. A Sterling equivalent of £19.6 million was drawn down from the facility at the year end. With debt valued at par, net gearing increased slightly from 10.9% to 11.3% during the year. The Board believes that the prudent use of gearing will enhance both revenue and capital returns over the long term. With the revolving credit facility only partially drawn, the Investment Manager retains flexibility should attractive additional investment opportunities arise. ## Discount With the Company's discount relatively wide at the last year end, the Board continued to use the share buyback authority granted by shareholders at the AGM. During the year, the Company bought back 14.8 million shares to hold in treasury, representing 10.9% of the issued share capital. The weighted average discount of the shares bought back was 8.9% and the buy backs provided an accretion of 1.1% to the NAV per share. The discount at the end of the year was 7.5% (2025: 11.6%). The Board will seek to renew the buy back authority at the AGM and will continue to repurchase shares when it considers this to be in shareholders' best interests. Alongside this, the Board and Investment Manager continue to focus on improving relative performance, and delivering a targeted investor relations and marketing programme, which are key to achieving a higher rating for the Company's shares. The Board is particularly aware that relative investment performance over the past two years has been below expectations and will continue to monitor the Investment Manager closely and challenge the investment process robustly in anticipation of improved performance. ## Annual General Meeting ("AGM") and Online Shareholder Presentation ### AGM The AGM will be held at 12 noon on Thursday 21 May 2026 at Aberdeen's offices at 18 Bishops Square, London, E1 6EG. The meeting will include a presentation from the Investment Manager and will be followed by a buffet lunch. We encourage all shareholders to complete and return the Proxy Form enclosed with the Annual Report to ensure that your votes are represented at the meeting. If you hold your shares in the Company on a platform via a nominee, please note that the Association of Investment Companies has provided helpful information on how to attend an AGM and how to vote investment company shares held on some of the major platforms. This information can be found at: www.theaic.co.uk/how-to-vote-your-shares The Notice of the AGM is contained on pages 112 to 117. ### Online Shareholder Presentation In previous years, for those who are unable to attend the AGM or for anyone who simply wishes to learn more about the Company, we have hosted an Online Shareholder Presentation. Given the popularity of these events, we will be hosting one again this year at 11.00am on Friday 8 May 2026. At this event you will receive a presentation from the Investment Manager and have the opportunity to ask live questions of the Chairman and the Investment Manager. Full details on how to register for the online event are available on the Company's website. ## Board Succession Since the end of the year, the Board was pleased to announce the appointment of Katrina Hart as an independent non-executive Director of the Company with effect from 1 March 2026. Katrina is an experienced non-executive director and has chaired a number of investment company boards. Her biography is included on page 49 and, in accordance with the Articles of Association, Katrina will stand for election at the AGM. Katrina's appointment complements the appointment of Arun Kumar Sarwal on 1 February 2025 and brings the number of Directors on the Board back to five. 12 Dured in Income Growth Investment Trust PLC Meanwhile, the introduction of a structurally higher ### Outlook dividend policy has reinforced the Company’s positioning As noted above, relative performance over the past year as a highly differentiated proposition within the largely has been challenging. Investors have favoured cyclical homogeneous UK Equity Income sector. The Board will and value-orientated sectors, while high-quality remain vigilant in continuing to scrutinise our Investment technology franchises and the UK mid-cap segment - Manager’s performance and the investment process and areas where the Investment Manager sees many mis- team that supports this. Over time, the Board believes that priced opportunities – have underperformed. the Company’s distinct long term investment approach, However, the Investment Manager believes that the together with the new dividend policy, should support the portfolio’s differentiated positioning in high-quality, objective of delivering attractive shareholder returns and resilient businesses is very attractively valued with the help the Company’s shares trade closer to NAV. valuation premium relative to the wider UK market The Board remains grateful to shareholders for their compressed to levels not seen for several years, despite continued support. Strategic Report Financial Statements Overview Governance General Other Information the portfolio continuing to exhibit strong profitability and balance sheet characteristics. The Investment Manager remains focused on identifying sustainable businesses capable of generating resilient income streams which should generate strong returns for shareholders when supported by disciplined portfolio construction, selective use of gearing and careful management of downside risk. ## “The Investment Manager believes ## that the portfolio’s differentiated Howard Williams ## positioning in high-quality, resilient Chairman 8 April 2026 ## businesses is very attractively valued ## with the valuation premium relative to ## the wider UK market compressed to ## levels not seen for several years.” As I write, events in the Middle East are casting a long shadow over an increasingly uncertain economic outlook, causing significant volatility in bond, equity and commodity markets across the globe. Investors are grappling with the prospect of a sustained oil price shock at a time when labour markets are showing signs of weakness, inflation remains stubbornly above Central Bank targets and against a backdrop of stretched government finances. Faced with such a challenging cocktail of macro-economic forces, it does not require a huge leap to envisage investors rotating out of lower quality, pro-cyclical stocks and into more defensive and higher quality names. Time will tell. Dunedin Income Growth Investment Trust PLC 13 ## Investment Mana er’s Review in 2020, or more briefly during the Tariff Tantrum of early ### Introduction 2025, but it can be a headwind when investor optimism is Over the twelve months to 31 January 2026, the Company concentrated in the lowest‑valuation and more cyclical delivered a solid absolute net asset value (“NAV”) total areas. Over the past five years, the portfolio’s companies return of 8.2% and a share price total return of 13.8%. Over have delivered faster earnings and dividend growth than the same period, the FTSE All‑Share Index returned 21.1%, the market, reflecting this focus on strong underlying meaning that the Company did not keep pace with a very business operations. However, the valuation rating that the strong market. Relative underperformance was wider market trades on has recovered much faster than predominantly driven by lower returns from high quality that of the underlying portfolio. That effect was very much companies and partly by strong outperformance from in evidence again during the year under review. sectors of the market excluded by our sustainability criteria. Helping to offset these dynamics were a number of exceptionally strong individual stock contributors, ## “The UK equity market delivered while most companies held in the portfolio continued to ## deliver robust operational results, including good another exceptional return over the earnings growth, strong cash generation and ongoing ## year, reaching new all-time highs. capital returns. ## Benchmark gains were driven by a ### Market Backdrop ## relatively narrow set of cyclical areas, The UK equity market delivered another exceptional ## return over the year, reaching new all-time highs. with the higher quality part of the Benchmark gains were driven by a relatively narrow set of ## market lagging significantly.” cyclical areas, with strength in Banking, Aerospace & Defence and Basic Materials playing a prominent role. In contrast, the higher quality part of the market lagged Importantly, we are not inflexible. We seek balance in the significantly. This was particularly evident in Technology portfolio and will invest in cyclical businesses where we and Information Services, where concerns around the have a high degree of confidence in their long‑term return impact of artificial intelligence (“AI”) weighed on investor potential and believe their financial strength enables them confidence, despite strong underlying financial delivery. As to navigate a range of economic outcomes. This would be an illustration, the MSCI UK Quality Index was up just 5.1% well reflected in our single largest position being a holding over the period. It was also a period where we saw strong in TotalEnergies, a cyclical and capital-intensive business returns from sectors which we are largely precluded from but one which we think is best placed to navigate the investing in given our sustainability focus, namely energy transition while consistently delivering attractive Aerospace & Defence, Tobacco and Metals & Mining. Rolls distributions back to investors. Royce (not held in the portfolio), for example was up over We also believe the opportunity set in UK mid‑caps is 100% over the course of the year. We estimate that the improving after a prolonged period in which market impact of sustainability exclusions reduced returns by returns were dominated by the largest companies. around 5%. Valuations in parts of the mid‑cap market remain more This matters for the Company because we are compelling than we would typically expect in a market at intentionally positioned to meet our long-term objective of all‑time highs, creating an attractive environment for delivering consistent growth in both capital and income. active stock selection (approximately 40% of the portfolio We run a high‑conviction portfolio, focused on selecting is invested in companies with market capitalisations below high quality, financially resilient businesses with durable £10 billion). We see several potential tailwinds that could growth prospects and attractive long‑term total return support this market segment over time, including easing potential, within the Company’s sustainable and financial conditions, enhanced share buybacks and responsible investing approach. This combination typically ongoing appetite from private and public acquirers for leads us to be more selective in the most cyclical parts of these types of assets. the market, and in some sectors the sustainability framework further raises the hurdle for investment. Over time, this emphasis on quality and resilience has tended to support the Company’s ability to protect capital and income in more difficult markets, as we saw during Covid 14 Dunedin Income Growth Investment Trust PLC ## g Healthcare REIT Assura (+49%) was taken over and M&G ### A Distinctive UK Income Proposition (+59%) benefitted from a return to growth in its asset The chart below shows the style and size positioning of the management division. portfolio at the year end relative to UK Equity Income investment trust peers and the FTSE All-Share Index, Despite these areas of very strong performance, relative highlighting its differentiated approach to generating returns were held back by strong gains from a small long-term capital and income growth. number of large companies not held in the portfolio, AI‑related uncertainty over a portion of the holdings and several weaker stock specific situations. In terms of wider strength in the market, areas that we did not have exposure to included Aerospace & Defence, Mining and Tobacco. This was driven by our sustainability focus. Banks were also extremely strong and an area Strategic Report Financial Statements Overview Governance General Other Information where we have tended to be underweight given generally modest quality characteristics. A lack of exposure to these areas was a significant opportunity cost over the period. During the second half of the year, investor concern increased about the pace and scale of generative AI adoption and what that could mean for pricing power and long-term growth assumptions across many segments of the market, including Technology and Information Services. This is a segment of the market to which we are attracted given high margins and returns, strong cash generation and attractive revenue growth potential. We have been analysing these developments closely for the past two years and recognise that the environment now Source: Morningstar, January 2026. carries greater uncertainty. Our focus has therefore been on testing each company’s competitive advantage, its ### Performance Drivers readiness to adapt to generative AI, the resilience of its pricing model, and its financial capacity to fund that On the whole, portfolio holdings performed well transition. This work has been supported by extensive operationally over the period, with good financial delivery engagement with management teams, boards and and robust shareholder returns. Within this, there were an external experts. above average number of exceptional returns, with seven holdings delivering share price gains in excess of 40%. As a result, we believe the market has moved ahead of the Prudential delivered an exceptional return of 81%, evidence, and that fear has led to pockets of supported by strong new business profit delivery and indiscriminate selling, leaving a number of high‑quality improving confidence in its outlook, alongside good capital franchises no longer priced for structural growth. In our generation and shareholder returns, including buybacks. view, this reflects an overly pessimistic assumption that ASML gained 76% as rapid investment in data centres and incumbents will stand still. We instead expect the AI infrastructure supported order momentum, with strongest businesses - those with products that genuinely customers increasingly reliant on its advanced lithography add value for customers, proactive management teams, systems for next generation semiconductor development. sensible capital allocation plans, and clear strategies to Genus (+64%) also delivered a standout return, reflecting a embed AI into products and workflows - to protect and cyclical recovery alongside continued progress with its potentially strengthen their positions. While it is early days, innovative product development. NatWest (+62%) was a recent reporting would suggest accelerating revenue strong contributor, helped by resilient results and a re- growth rather than risks, and many of these companies rating in the banking sector, with our investment case have also significantly stepped up their share buyback supported by the company’s strengthened balance sheet programmes to take advantage of overly discounted and attractive shareholder distributions. Alongside these valuations. companies, closed life book consolidator Chesnara (+47%) was rewarded for its acquisition of HSBC Life (UK), Dunedin Income Growth Investment Trust PLC 15 ## Investment Mana er’s Review ### Continued On the rarer occasions where our assessment of a We introduced two long‑standing watchlist holdings, company’s quality or prospects changes in a meaningful Experian and Compass. Experian provides data and way, we act accordingly. In the first half of the year, we analytics to businesses and consumers and, after several exited two holdings where our conviction had reduced - years of investment in product expansion and an the long-standing holding Novo-Nordisk and the more integrated platform, we believe it is positioned for stronger recent addition Azelis, reinforcing the discipline at the growth, improving cash generation and rising returns. heart of our process. In both cases, the shares weakened Compass is a global catering leader, taking share in a significantly after exit. Edenred’s share price fell over the large addressable market with scope to apply US best year, primarily due to regulatory changes in Italy and practice to improve profitability in Europe. Both Brazil that have increased uncertainty around fee companies offer a below market starting yield but the economics and profitability. Following detailed analysis, potential for strong dividend growth which, alongside including attending the company’s Capital Markets Day in balance sheet optionality, supports attractive Paris, we have added to the holding because we believe prospective returns. the current valuation offers the potential for attractive We also added LondonMetric, a specialist real estate total returns as the regulatory and sentiment backdrop company with a diversified portfolio across logistics, becomes clearer. We continually re-examine our convenience retail, healthcare and leisure assets, which assumptions on total return potential and ensure valuation supports an attractive income profile and the potential for compensates for the risks being taken, reallocating capital modest growth. This was funded by exiting Primary Health to higher conviction opportunities when that balance no Properties following its successful acquisition of Assura, longer holds. and recycling capital into a holding we viewed as the stronger long-term income opportunity, supported by a ### Portfolio Activity high-quality portfolio, a strong management team and a Investment activity reflected our continued focus on robust balance sheet. delivering long‑term returns while maintaining a balanced portfolio, with new positions funded by trimming or exiting Consistent with our view that the opportunity set for mid- holdings that offered less compelling prospective returns. caps is improving, we introduced three new holdings. Baltic Classifieds is a market‑leading digital classifieds With regards to the impact of AI, we backed our existing platform in the Baltics with strong cash generation and positions by adding to RELX, Sage, and Softcat, where we attractive long‑term growth characteristics. XPS Pensions believe share price weakness does not reflect strong is a pensions advisory and administration business with a underlying fundamentals or the resilience provided by strong growth record, high revenue visibility supported by proprietary data, customer relationships and embedded regulatory tailwinds, and robust cash generation that roles in mission critical workflows underpins an attractive and growing dividend. Kainos is a In the Consumer Staples sector, we added to Haleon. digital transformation specialist serving public sector, While its shares weakened on slower North American healthcare and commercial clients, and we see improving growth, we believe its leading consumer health brands momentum alongside longer‑term opportunities from its and strengthening balance sheet support attractive product pipeline. earnings and dividend growth relative to peers. In addition, In the Financials sector, we introduced Standard we introduced Tesco, where we see an attractive Chartered as we believe the market has yet to fully reflect combination of resilience and self‑help. The business the improvement in its returns profile and the growth benefits from a strong position in UK food retail, and we potential in its wealth business, supported by its broad see scope for further progress through multi‑channel geographic footprint. We also participated in the rights execution and the continued development of issue for Chesnara to finance the acquisition of HSBC Life complementary profit streams. We funded this (UK) and subsequently reduced the position meaningfully purchase by exiting Unilever, where we judged to manage risk as the transaction completed. We added prospective returns to be less attractive than the to NatWest in the volatility that followed ‘Liberation Day’, opportunities available elsewhere. and the shares subsequently recovered. 16 Dunedin Income Growth Investment Trust PLC ## g These purchases were funded through a combination of During the year, the Company benefited from special exits and reductions of strong performers, including dividends from Softcat, and Volvo, alongside strong reductions in holdings such as Games Workshop, dividend increases from a number of portfolio holdings | Mercedes-Benz, Hiscox, ASML, AstraZeneca, Prudential, | including N | atWest (+51%), London Stock Exchange | | | --- | --- | --- | --- | | Genus and National Grid along with exits from Morgan | (+15%) and H | | iscox (+ 15%). In contrast, Mercedes-Benz | | Sindall, Novo-Nordisk and Azelis. | lowered its distributions following weaker financial results | | | impacted by global tariffs, exchange rate headwinds and ### Income competition from China. Investment income for the year was 9.2% lower than the preceding year, driven mainly by the reduction in the Company’s capital base due to share buy backs (10.9% of the issued share capital was bought back during the year), We continued to generate additional income from Strategic Report Financial Statements Overview Governance General Other Information option writing. ### Compelling Valuations For High Quality Companies Source: Aberdeen, January 2026. Dunedin Income Growth Investment Trust PLC 17 ## Investment Mana er’s Review ### Continued ### Outlook: A constructive view Three developments leave us increasingly positive about the relative performance prospects for the Company. Firstly, with the developments in Iran, the investment backdrop is shaped by a mix of geopolitical tensions, macroeconomic challenges and heightened uncertainty. In this environment, we believe the value of resilience comes to the fore, with companies that have durable business models, strong competitive positions and robust balance sheets better placed to navigate uncertainty and deliver attractive long‑term returns. Secondly, the portfolio’s differentiated positioning in high‑quality, resilient businesses looks unusually well priced. The valuation premium relative to the wider UK market has compressed to levels not seen in many years, even though the portfolio continues to exhibit superior growth, profitability and balance sheet strength (see table on page 17). Finally, the Company’s structure provides additional flexibility to act when opportunities arise. The combination of active discount management through share buybacks, prudent gearing and an enhanced dividend policy gives us a toolkit to enhance shareholder outcomes through the cycle while remaining focused on long‑term total return. We believe that this combination of high-quality companies delivering very well operationally at extremely attractive valuations at a time of heightened uncertainty positions the Company to navigate markets with confidence and deliver the goal of growth in capital and income. Ben Ritchie and Rebecca Maclean, Aberdeen 8 April 2026 18 Dunedin Income Growth Investment Trust PLC ## g ## Ten Lar est Investments ### As at 31 January 2026 TotalEnergies (Transition) NatWest (Transition) TotalEnergies is an energy company NatWest is a UK-based banking producing and marketing fuels, natural company providing personal, private gas and electricity globally. and business banking needs. National Grid (Solutions) Haleon (Solutions) National Grid owns gas and electricity Haleon is a consumer healthcare transmission and distribution assets in company with a clear purpose to Strategic Report Financial Statements Overview Governance General Corporate Information the UK and United States. deliver better everyday health and humanity. RELX (Solutions) Prudential (Solutions) RELX is a global provider of information Prudential is a life insurance and and analytics for professionals and savings company with leading market businesses across a number of positions in Asia and the United States. industries including scientific, technical, medical and law. London Stock Exchange (Leader) AstraZeneca (Solutions) London Stock Exchange is a leading AstraZeneca is a pharmaceutical financial information company that also company that focuses on the owns prominent pieces of market research, development and infrastructure. manufacture of drugs in a range of therapeutic areas. Weir Group (Leader) Diageo (Leader) Weir Group is an engineering services Diageo is a global leader in spirits and company that designs and liqueurs with a portfolio of world- manufactures products for the minerals, renowned brands. oil and gas, and flow controls markets. Definitions of Sustainability Leaders, Solution Providers and Transition Companies are provided on page 33. Dunedin Income Growth Investment Trust PLC 19 ## g # Portfolio At 31 January 2026 | Company | Sector | Valuation 2026 £'000 | Total assets % | Valuation 2025 £'000 | | --- | --- | --- | --- | --- | | Total Energies | Oil, Gas and Coal | 28,699 | 6.5 | 29,564 | | NatWest | Banks | 23,970 | 5.4 | 15,361 | | National Grid | Gas, Water and Multi-utilities | 18,693 | 4.2 | 28,807 | | Holeon | Pharmaceuticals and Biotechnology | 17,804 | 4.0 | – | | RELX | Software and Computer Services | 17,413 | 3.9 | 25,008 | | Prudential | Life Insurance | 15,585 | 3.6 | 13,060 | | London Stock Exchange | Finance and Credit Services | 14,413 | 3.3 | 22,874 | | AstraZeneca | Pharmaceuticals and Biotechnology | 13,457 | 3.0 | 22,179 | | Weir Group | Industrial Engineering | 13,183 | 3.0 | 10,166 | | Diageo | Beverages | 12,960 | 2.9 | 19,205 | | **Ten largest investments** | | **176,177** | **39.8** | | | Tesco | Personal Care, Drug and Grocery Stores | 12,713 | 2.9 | – | | Gastransport & Technigaz | Oil, Gas and Coal | 12,292 | 2.8 | 9,913 | | Taylor Wimpey | Household Goods and Home Construction | 12,072 | 2.7 | 9,607 | | LondonMetric | Real Estate Investment Trusts | 12,056 | 2.7 | – | | Convatec | Medical Equipment and Services | 11,883 | 2.7 | 13,086 | | Experian | Industrial Support Services | 11,698 | 2.6 | – | | Compass | Consumer Services | 11,263 | 2.5 | – | | Hiscox | Non-life Insurance | 11,045 | 2.5 | 10,555 | | Sirius Real Estate | Real Estate Investment Trusts | 10,973 | 2.5 | 11,334 | | ASML | Technology Hardware and Equipment | 10,875 | 2.5 | 9,785 | | **Twenty largest investments** | | **293,047** | **66.2** | | | Oxford Instruments | Electronic and Electrical Equipment | 10,560 | 2.4 | 8,708 | | Genus | Pharmaceuticals and Biotechnology | 10,314 | 2.3 | 13,180 | | Sage | Software and Computer Services | 10,120 | 2.3 | 14,624 | | Softcat | Software and Computer Services | 10,000 | 2.2 | 9,994 | | Standard Chartered | Banks | 9,177 | 2.1 | – | | Genuil | Construction and Materials | 9,036 | 2.0 | 9,889 | | M&G | Investment Banking and Brokerage Services | 8,755 | 2.0 | 11,544 | | Games Workshop | Leisure Goods | 8,742 | 2.0 | 12,242 | | Telecom Plus | Telecommunications Service Providers | 8,714 | 2.0 | 10,303 | | Intermediate Capital | Investment Banking and Brokerage Services | 8,654 | 1.9 | 11,595 | | **Thirty largest investments** | | **387,119** | **87.4** | | 20 Dunedin Income Growth Investment Trust PLC ## At 31 January 2026 | Company | Sector | Valuation 2026 £'000 | Total assets % | Valuation 2025 £'000 | | --- | --- | --- | --- | --- | | Volvo | Industrial Transportation | 8,073 | 1.8 | 11,375 | | Chesnara | Life Insurance | 7,688 | 1.7 | 15,599 | | Baltic Classifieds | Software and Computer Services | 7,411 | 1.7 | – | | Edemed | Industrial Support Services | 7,399 | 1.7 | 10,136 | | XPS Pensions | Investment Banking and Brokerage Services | 6,897 | 1.6 | – | | Kainos | Software and Computer Services | 6,176 | 1.4 | – | | Mercedes-Benz | Automobiles & Parts | 4,387 | 1.0 | 10,154 | | **Total investments** | | **435,150** | **98.3** | | | **Net current assets^{1}** | | **7,729** | **1.7** | | | **Total assets less current liabilities^{1}** | | **442,879** | **100.0** | | $^{1}$ Excluding loans from falling due within one year of £18,000,000 (2025 – £18,000,000). Valuation Selling / Agri Sales / Income / Income Income / Income Sales Dunedin Income Growth Investment Trust PLC 21 ## Sector and Geo raphical Analysis Fin anc ials 2026 In dus tria ls 2025 Consumer Discretionary Health Care Technology En ergy Consumer Staples Real Estate Utilities Telecomm unicatio n s 0% 5% 10% 15% 20% 25 % 20 26 United Kingdom 20 25 Eu rop e 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 22 Dunedin Income Growth Investment Trust PLC ## g ### As at 31 January 2026 FTSE All-Share Portfolio Portfolio Index weighting weighting weighting 2026 2026 2025 % % % Energy Oil, Gas and Coal 8.5 9.3 8.3 8.5 9.3 8.3 Basic Materials Chemicals 0.3 – – Industrial Metals and Mining 6.2 – – Strategic Report Financial Statements Overview Governance General Corporate Information Precious Metals & Mining 0.7 – – 7.2 – – Industrials Aerospace & Defence 6.5 – – Construction and Materials 0.5 2.0 4.1 Electronic and Electrical Equipment 0.9 2.4 1.8 General Industrials 0.7 – – Industrial Engineering 0.6 3.0 2.1 Industrial Support Services 2.5 4.3 4.2 Industrial Transportation 0.8 1.8 2.4 12.5 13.5 14.6 Consumer Discretionary Automobiles & Parts 0.1 1.0 2.1 Consumer Services 1.3 2.5 – Household Goods and Home Construction 0.8 2.7 2.0 Leisure Goods 0.2 2.0 2.6 Media 0.9 – 5.2 | Personal Goods | 0.2 – – | | --- | --- | | Retailers | 1.4 – – | | Travel & Leisure | 1.8 – – | 6.7 8.2 11.9 Health Care Medical Equipment and Services 0.5 2.7 2.7 Pharmaceuticals and Biotechnology 11.3 9.4 9.3 11.8 12.1 12.0 Dunedin Income Growth Investment Trust PLC 23 # Sector and Geographical Analysis Continued As at 31 January 2026 | | | FTSE All-Share Index weighting 2026 % | Portfolio weighting 2026 % | Portfolio weighting 2025 % | | --- | --- | --- | --- | --- | | **Consumer Staples** | Beverages | 2.1 | 2.9 | 4.0 | | | Food/Products | 0.5 | - | - | | | Personal Care, Drug and Grocery Stores | 6.8 | 2.9 | 6.8 | | | Tobacco | 4.1 | - | - | | | | **13.5** | **5.8** | **10.8** | | **Real Estate** | Real Estate Investment & Services | 0.3 | - | - | | | Real Estate Investment Trusts | 1.8 | 5.2 | 4.9 | | | | **2.1** | **5.2** | **4.9** | | **Utilities** | Electricity | 1.2 | - | - | | | Gas, Water and Multi-utilities | 3.3 | 4.2 | 6.0 | | | | **4.5** | **4.2** | **6.0** | | **Financials** | Banks | 16.1 | 7.5 | 3.3 | | | Finance and Credit Services | 1.5 | 3.2 | 4.8 | | | Investment Banking and Brokerage Services | 3.1 | 5.5 | 4.8 | | | Closed End Investments | 5.4 | - | - | | | Life Insurance | 2.6 | 5.3 | 6.0 | | | Non-life Insurance | 0.7 | 2.5 | 2.2 | | | | **29.4** | **24.0** | **21.1** | | **Technology** | Software and Computer Services | 2.5 | 11.5 | 5.2 | | | Technology Hardware and Equipment | - | 2.5 | 2.1 | | | | **2.5** | **14.0** | **7.3** | | **Telecommunications** | Telecommunications Service Providers | 1.3 | 2.0 | 2.2 | | | | **1.3** | **2.0** | **2.2** | | **Total investments** | | **100.0** | **98.3** | **99.1** | | **Net current assets before borrowings^{1}** | | | **1.7** | **0.9** | | **Total assets less current liabilities^{2}** | | | **100.0** | **100.0** | $^{1}$ Excluding bank loan falling due within one year of £19,595,000 (2025 - £18,907,000) 24 Dunedin Income Growth Investment Trust PLC ## Investment Case Studies The two case studies below illustrate how the portfolio combines income today with long-term, sustainable growth, supporting the Company’s objective of delivering attractive total returns over time. ### Prudential (Solutions) Softcat (Solutions) Dividend yield 1.9% Dividend yield 3.8% Strategic Report Financial Statements Overview Governance General Other Information Dividend growth* >10.0% Dividend growth* 8.0% Foundations Foundations · Provider of life and health insurance across Asia · The UK’s largest technology value‑added reseller, and Africa. supplying hardware, software and services to small and · Footprint is concentrated in markets with low levels mid‑sized businesses and the public sector. of protection and savings penetration, rising household · Highly cash generative business which operates a net wealth and large unmet needs for financial and cash balance sheet, returning surplus capital to health security. shareholders through ordinary and special dividends, and, more recently, share buybacks. Investment Case Investment Case · Well positioned in structurally growing and under- · Customers are increasingly investing in cloud, served life, health and protection markets across Asia. networking, cybersecurity and data infrastructure, and The company is investing in technology to support and the pace of vendor innovation, including generative AI, enhance its agency-led distribution model and drive increases the need for trusted advice and new business profits. implementation support. · Simplification and a sharper focus on profitability and · Culture supports high customer satisfaction and is an cash generation supports the balance sheet and important driver of consistent execution and share gains underpins attractive shareholder returns, including in a fragmented market. strong dividend growth and additional share buybacks. Quality and Sustainability Quality and Sustainability · Inclusive Insurance Framework, which is intended to · Remuneration framework reflects its long-term focus on guide and support local businesses in increasing employees and service levels, linking a portion of annual insurance penetration by developing commercially incentives to measures such as employee engagement, viable products that are affordable and accessible for customer satisfaction and sustainability. underserved customer segments. · Winner of Glassdoor’s Employees’ Choice Awards (Best · One pillar of the framework relates to low income Places to Work 2025) and has been certified as a Great segments and the company is looking to create Place to Work across the UK and Ireland. products for what it calls the ‘missed middle’. *Based on consensus estimates. Source: Factset Dunedin Income Growth Investment Trust PLC 25 ## Performance ### Ten Year Financial Record Year ended 31 January 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total revenue (£’000) 21,963 22,317 22,263 20,518 18,346 21,518 21,950 22,949 22,550 20,013 Per share (p) Revenue return 12.55 12.64 12.68 12.08 10.90 12.87 13.02 13.54 13.82 13.64 Dividends paid/proposed 11.70 12.10 12.45 12.70 12.80 12.90 13.10 13.75 14.20 19.10 A Revenue reserve 10.51 11.16 11.54 10.94 9.07 9.05 8.97 8.99 9.85 6.29 B Net asset value 270.34 290.57 266.83 312.22 297.64 309.03 302.80 308.98 322.47 332.88 C Total return 43.83 30.83 (11.95) 58.57 (1.81) 23.78 1.92 15.45 23.90 22.00 Shareholders’ funds (£’000) 415,810 442,384 401,731 469,806 448,293 464,579 448,605 445,815 428,528 393,526 | A After payment of third interim and final dividends (see note 16 on page 91 for further details). | | --- | | B With debt at fair value. | | C Per Statement of Comprehensive Income. | ### Performance (total return) 1 year 3 year 5 year % return % return % return Total return (Capital return plus net dividends reinvested) AB Net asset value 8.2 25.9 39.3 B Share price 13.8 21.5 35.5 FTSE All-Share Index 21.1 44.5 80.8 Capital return A Net asset value 3.2 9.9 11.8 Share price 8.1 4.8 7.3 FTSE All-Share Index 17.0 29.5 51.3 A Cum-income NAV with debt at fair value. B Considered to be an Alternative Performance Measure (see page 110) Source: Aberdeen, Factset & Morningstar 26 Dunedin Income Growth Investment Trust PLC ### Comparison of NAV Total Return Performance to FTSE All-Share Index ### Total Return for 5 years 80.8% NAV total return with debt at fair value FTSE All-Share total return 39.3% Strategic Report Financial Statements Overview Governance General Other Information 21.1% 18.9% 17.1% 8.1% 9.0% 8.2% 6.7% 5.2% | | 2.4% | | 1.9% | | | | | --- | --- | --- | --- | --- | --- | --- | | Year to | Year to | Year to | | Year to | Year to | 5 year total return | | 31/01/22 | 31/01/23 | 31/01/24 | | 31/01/25 | 31/01/26 | (cumulative) | Source: Aberdeen & Morningstar ### Dividends per Share – Pence Year to 31 January 20 19.10 15 14.20 13.75 | | | | | 12.90 | 13.10 | | --- | --- | --- | --- | --- | --- | | | | 12.70 | 12.80 | | | | 12.10 | 12.45 | | | | | 11.70 10 5 0 2017 20 18 20 19 20 20 2021 20 22 20 23 20 24 20 25 2026 Dunedin Income Growth Investment Trust PLC 27 # Performance ## Continued ### Dividends per Share | Dividend per share | Rate | xd date | Record date | Payment date | | --- | --- | --- | --- | --- | | Final dividend 2026 | 7.40p | 7 May 2026 | 8 May 2026 | 29 May 2026 | | Third interim dividend 2026 | 4.25p | 5 February 2026 | 6 February 2026 | 27 February 2026 | | Second interim dividend 2026 | 4.25p | 6 November 2025 | 7 November 2025 | 28 November 2025 | | First interim dividend 2026 | 3.20p | 7 August 2025 | 8 August 2025 | 29 August 2025 | | **Total dividend 2026** | **19.10p** | | | | | Dividend per share | Rate | xd date | Record date | Payment date | | --- | --- | --- | --- | --- | | Final dividend 2025 | 4.60p | 1 May 2025 | 2 May 2025 | 30 May 2025 | | Third interim dividend 2025 | 3.20p | 6 February 2025 | 7 February 2025 | 28 February 2025 | | Second interim dividend 2025 | 3.20p | 31 October 2024 | 1 November 2024 | 29 November 2024 | | First interim dividend 2025 | 3.20p | 1 August 2024 | 2 August 2024 | 30 August 2024 | | **Total dividend 2025** | **14.20p** | | | | 28 Dunedin Income Growth Investment Trust PLC ## Information About the Investment Mana er ### Aberdeen Group The Company’s Investment Manager is abrdn Investments Limited which is a wholly-owned subsidiary of Aberdeen Group plc. The Aberdeen Group’s assets under management and administration were £556 billion as at 31 December 2025, managed for a range of clients including 9 UK-listed closed end investment companies. ### The Investment Team Senior Managers Strategic Report Financial Statements Overview Governance General Other Information ### Rebecca Maclean ### Ben Ritchie Investment Director, UK Equities Head of Developed Markets Equities Rebecca Maclean is an Investment Director in the UK Ben Ritchie is Head of Developed Markets Equities at Equities team at Aberdeen. She has worked in the Aberdeen. He originally joined Aberdeen in 2002 as a responsible investment industry since 2010 and joined graduate trainee and has been managing the Company Aberdeen in 2013 as a Responsible Investment Analyst. since 2012, including as lead manager since 2016. Ben has She moved to the UK Equities team in 2016. Rebecca a BA (Hons) in Modern History and Politics from Pembroke graduated with a BA in Experimental Psychology from College, University of Oxford, and is an alumni of Harvard University of Oxford, holds a MA in International Relations Business School. He is a CFA Charterholder. from King’s College London, and is a CFA Charterholder. Dunedin Income Growth Investment Trust PLC 29 ## g ## Investment Process ### Investment Philosophy and Style Investment Process The Investment Manager believes that building a The investment process has five stages: concentrated portfolio of high quality companies that 1. Idea Generation meet its sustainable and responsible investment criteria The Investment Manager’s teams of investment will deliver both real income growth and attractive total analysts generate investment ideas from their returns over the long-term. comprehensive coverage of the UK and European The application of sustainable and responsible investing equity markets. This involves them considering the principles enables the Investment Manager to reduce risks merits of over 1,000 listed UK and European in the portfolio by identifying and excluding companies companies across the market cap spectrum. whose business models it considers face significant threats from Environmental, Social and Governance 2. Sustainability (“ESG”) factors. It also enables the Investment Manager to Companies with excessive ESG risks are excluded identify positive opportunities for companies to benefit through a combination of pre-set screens and from the same trends as well as giving the potential for quantitative and fundamental analysis. This removes engagement to improve companies’ performance and around a quarter of the companies monitored from increase shareholder value. the Investment Manager’s consideration. A focus on high quality companies and sustainable and 3. Quality responsible investing principles is therefore well aligned Businesses that don’t meet the analysts’ quality criteria with the generation of resilient and growing dividend are then filtered out. Only around 20% of companies income, and a capital return profile that is both robust in will meet this hurdle and the Investment Manager difficult market conditions and able to participate in particularly emphasises allocation to companies that upside opportunities, enhancing risk adjusted returns. are considered to be sustainable leaders. Details of the Investment Manager’s Sustainable 4. Total Return Investment Approach are included on pages 32 to 34. Focus is then placed on those companies that the analysts identify as having the most attractive total return potential as well as those that have compelling income generation characteristics. 5. Portfolio Construction The Investment Manager then builds a concentrated portfolio that can deliver the income and total return requirements while matching the style and risk profile and meeting the sustainable and responsible investing principles. 30 Dunedin Income Growth Investment Trust PLC ### A Highly Selective Strategy Emphasis on sustainability, quality, total return and income Strategic Report Financial Statements Overview Governance General Other Information ### Integration of ESG into the ### Investment Process The Investment Manager draws upon three resources to assist it with the integration of ESG into the investment process; there is a team of approximately 60 investment professionals in the Developed Markets team and 30 in the sustainability institute (“Central ESG capability”), and two ‘on-desk’ ESG specialists. Each plays an important yet distinct role in implementation. While deploying these resources, the ultimate responsibility for stock selection and portfolio construction lies with the Company’s portfolio managers. Dunedin Income Growth Investment Trust PLC 31 ## Sustainable Investment Approach ### Investing for Sustainable Income and Long-Term Value Sustainability is a distinctive element of the Investment Manager’s approach to investing for the Company. Companies with strong governance, sustainable business models and responsible practices are, in its view, better placed to manage risk, adapt to change and support reliable shareholder returns over time. By contrast, poor governance, weak stakeholder engagement and sustainable practices can undermine long-term performance. The Investment Manager’s approach focuses on identifying companies that are positively positioned for the future, avoiding those where sustainability risks are greatest, and engaging constructively with management teams to encourage improvement where appropriate. What this means for shareholders The Company offers a differentiated approach to sustainability within the UK Equity Income sector. This includes a disciplined focus on long‑term income sustainability, reduced exposure to businesses facing structural or governance risks, and investment in companies with the potential for change over time. How we invest sustainably Quality first Exclusions Sustainability Diversification Active a ssessment o wnership • Begin by • Avoid investing • Invest across a assessing the in companies • Consider the range of • Engage fundamentals involved in materiality of sustainable regularly with of a business, activities that environmental, opportunities; companies and including its present social and those with exercise voting competitive significant governance leadership rights to position, long-term risks, ("ESG") factors today, encourage financial such as over the long- providing strong strength and thermal coal, term sustainable governance management weapons and solutions, and and long-term tobacco with credible decision- transition plans making 32 Dunedin Income Growth Investment Trust PLC ### Selection Criteria: Key Attributes and Exclusions What we invest in Rather than taking a purely best-in-class approach, the Investment Manager also invests in companies that are taking real steps to improve their ESG performance. Opportunities for improvement are identified by the team of investment analysts in conjunction with the Investment Manager’s on-desk ESG analysts and central ESG team. The portfolio encompasses; ### Sustainability leaders Solution providers Transition companies Companies with best-in-class ESG Businesses whose products or Typically companies with average Strategic Report Financial Statements Overview Governance General Other Information credentials and demonstrating services address global standards of governance, ESG ESG leadership environmental and management practices and societal challenges disclosure with potential for change over time The Investment Manager believes this balanced approach broadens the opportunity set and can help it identify attractively valued businesses that the market may be overlooking. In particular, the inclusion of transition companies allows the Investment Manager to invest in selected energy companies where it believes portfolio composition and capital allocation show greater alignment with the energy transition. What we avoid The Investment Manager does not invest in companies whose activities or behaviours, in its assessment, present 1% long‑term sustainability risks. This includes companies with 21% weaker sustainability practices, with exclusions related to, 33% but not limited to, failures of the UN Global Compact, involvement in thermal coal extraction, tobacco or weaponry, and oil and gas companies without credible transition plans. The Pre-investment Disclosure Document published on 45% the Company’s website contains full details of the screening criteria applied. How sustainability is assessed Leader Solutions Transition Cash To support investment decision‑making, the Investment Manager uses a combination of fundamental analysis, Sustainability at the portfolio level proprietary sustainability tools and engagement to assess Carbon footprint: The portfolio’s carbon intensity (Scope 1 material ESG risks and opportunities. This includes internal & 2) is materially lower than that of the FTSE All‑Share ESG quality assessments to provide a consistent view Index, reflecting a focus on less carbon‑intensive across the portfolio. business models. For companies classified as solutions providers, the Sustainability profile: The portfolio is diversified across Investment Manager considers the extent to which sustainability leaders, solution providers and transition revenues or investment activity are aligned with companies, supporting both risk management and sustainability themes, such as the UN Sustainable long‑term opportunity. Development Goals. Dunedin Income Growth Investment Trust PLC 33 ## Sustainable Investment Approach ### Continued During the year, the Board and Investment Manager spent ### Engagement and Active Ownership considerable time reviewing the negative screening criteria to ensure that they remain appropriate to the Engagement activity Company’s objectives. Following this work, the Board has The Investment Manager believes that long‑term investors approved a number of changes which are expected to be have a responsibility to engage constructively with the introduced during the first half of the current financial companies they own. year. These changes are evolutionary in nature and are During the year, the Investment Manager held regular designed to align with best practice, which has also meetings with portfolio companies where sustainability evolved in recent years, increase reporting transparency topics were discussed. A number of these meetings were and provide the Investment Manager with greater with transition companies where the Investment Manager flexibility in managing the portfolio. believes progress could strengthen long‑term outcomes At the headline level, the most significant changes in terms for shareholders. of increasing the Investment Manager’s flexibility are to allow greater flexibility to invest in Aerospace & Defence, permit investment in Nuclear Energy and modify restrictions around investment in Natural Resource companies. As a consequence, the negative screening criteria, which currently exclude approximately 23% of the ## 78% benchmark FTSE All-Share Index, will reduce the exclusions to around 13%. More details of the updated criteria will be published on the Company’s website, in ### Proportion of the portfolio the Pre-investment Disclosure Document and in future ### Annual Reports. engaged with on ESG topics* *Year ended 31 January 2026 Voting on your behalf Voting is an important part of the Investment Manager’s stewardship approach. While it typically supports management at the companies it invests in, it will vote against proposals where it believes they are not in the best long term interests of shareholders. 34 Dunedin Income Growth Investment Trust PLC ## Overview of Strate y companies or those with an ESG House Score in the ### Business bottom 10% of the investment universe. In addition, a set of The Company is an investment trust with its shares listed company exclusions are applied relating to the principles on the Main Market of the London Stock Exchange. of the UN Global Compact, tobacco manufacturing, ### Investment Objective thermal coal, oil & gas and weapons (for further details, The Company’s objective is to achieve growth of income see the Sustainable Investment Approach section on and capital from a high quality portfolio invested mainly in pages 32 to 34). companies listed or quoted in the United Kingdom or Further, sustainability characteristics are targeted at the companies having significant operations and/or exposure aggregate portfolio level. The Company is committed to to the United Kingdom that meet the Company’s having a carbon footprint (Scope 1 and 2) of at least 20% sustainable and responsible investing approach. below the FTSE All-Share Index. The Company may also invest in other investment funds ### Investment Policy Strategic Report Financial Statements Overview Governance General Other Information (including those managed by the Investment Manager), In pursuit of its objective, the Company's investment policy money-market instruments and cash. These assets may is to deliver income and long-term growth from investing not adhere to the Company’s investment objective but will mainly in equities and equity-related securities of not conflict with the Company’s sustainable and companies incorporated or domiciled in the United responsible investing approach and will pass the Kingdom, or companies having significant operations Company’s exclusionary screening criteria as agreed by and/or exposure to the United Kingdom, that meet the Board. the Company’s sustainable and responsible investing approach. Risk Diversification The Company ensures that all equity and equity related The Company maintains a diversified portfolio consisting, securities adhere to the Investment Manager’s substantially, of equity or equity-related securities, and it Sustainable Investment Approach details of which are can invest in other financial instruments. The Company is included on pages 32 to 34. invested mainly in companies listed or quoted in the The Company does not have a UK sustainable investment United Kingdom and can invest up to 25% of its gross label under the sustainability disclosure requirements and assets overseas. investment labels regime (“SDR”). While the Company has It is the policy of the Company to invest no more than sustainability characteristics, it does not have a 15% of its gross assets in other listed investment sustainability objective. Sustainable investment labels are companies and no more than 15% of its gross assets intended to help investors find products that have a in any one company. specific sustainability goal. Gearing Management Process The Board is responsible for determining the gearing The Investment Manager has discretion to actively strategy for the Company, with day-to-day gearing manage the portfolio to achieve a diverse asset mix at decisions being made by the Manager within the remit set sector and stock level. by the Board. The Board has set its gearing limit at a The Company incorporates sustainability characteristics maximum of 30% of the net asset value at the time of through a combination of positive allocation, negative draw down. Gearing is used selectively to leverage the exclusions, and corporate engagement. The Company Company's portfolio in order to enhance returns where uses the Investment Manager’s proprietary, forward- and to the extent considered appropriate. looking Environmental Social and Governance (“ESG”) The Company may only make material changes to its tools to assess the sustainable characteristics of investment policy (including the level of gearing set by the investments and classifies holdings as Sustainable Board) with the approval of shareholders in the form of an Leaders, Solutions Providers and Transition companies. ordinary resolution and the prior approval of the Financial The Investment Manager’s internal ESG House Score and Conduct Authority (“FCA”). ESG Quality Score are also used to identify and exclude companies exposed to the highest ESG risks. For example, the Company will not invest in ESG Q 4 and 5 rated Dunedin Income Growth Investment Trust PLC 35 ## g ## Overview of Strate y ### Continued ### Delivering the Investment Objective and Dividend Policy It is the stated intention of the Board to continue with a ### Policy progressive dividend policy with growth in absolute terms The Directors are responsible for determining the in future years. Company’s investment objective and investment policy. Day-to-day management of the Company’s assets has ### Promoting the Success of the Company been delegated, via the AIFM, to the Investment Manager. The Board’s statement on pages 42 to 45 describes how the Directors have discharged their duties and ### Benchmark responsibilities over the course of the financial year under The Company’s benchmark is the FTSE All-Share Index section 172 (1) of the Companies Act 2006 and how they (total return). Performance is measured on a net asset have promoted the success of the Company for the value (“NAV”) total return basis over the long-term. benefit of the members as a whole. ### Key Performance Indicators (“KPIs”) The Board uses a number of financial performance measures to assess the Company’s success in achieving its objective and determining the progress of the Company in pursuing its investment policy. The main KPIs are shown in the table below. KPI Description Performance of NAV against benchmark index The Company’s NAV total return performance against the total return of the benchmark index – the FTSE All-Share Index – for this year and for the past three and five years is shown on page 26. Revenue return per Ordinary share The revenue returns per Ordinary share for each of the past 10 years are set out on page 26. Dividend per Ordinary share The dividends per share for each of the past 10 years are set out on page 26. Share price performance The Company’s share price performance on a total return basis for this year and for the past three and five years is shown on page 26. Discount/premium to NAV The discount at the year end and at the end of the previous year are disclosed on page 6. Ongoing charges The ongoing charges ratio (“OCR”) is the total of investment management fees and administrative expenses, expressed as a percentage of net assets. The OCR for the year and the previous year is disclosed on page 6. 36 Dunedin Income Growth Investment Trust PLC ## g ### Principal Risks and Uncertainties The Board carries out a regular review of the risk environment in which the Company operates, including changes to the environment and individual risks. The Board also considers emerging risks which might affect the Company. The Board receives updates from the Manager on the risks that could affect the Company. The Board has carried out a robust assessment of the Company’s principal and emerging risks, which include those that would threaten its business model, future performance, solvency, liquidity or reputation. The principal risks and uncertainties facing the Company at the current time, together with a description of the mitigating actions the Board has taken, are set out in the table below. In addition to these principal risks and uncertainties, the Board considers that the development of Artificial Intelligence (“AI”) presents potential risks, both positive and negative, to businesses in almost every sector. The extent of the risk presented by AI is extremely hard to assess at this point but the Board considers that it is an emerging risk and, together with the Manager, will monitor developments in this area. Investment Performance risk is considered to have increased during the year due to the underperformance of the Strategic Report Financial Statements Overview Governance General Other Information Company against the benchmark index. Geo-political risk is considered to have increased as a result of the conflict in the Middle East since the end of the financial year. The trend of other principal risks has not changed during the year. Risk Trend Mitigating Action Investment objectives - a lack of Board review. The Board formally reviews the Company’s objectives and strategies ##  demand for the Company’s for achieving them on an annual basis, or more regularly if appropriate, to ensure they shares could result in a widening remain relevant to shareholders. of the discount of the share price Shareholder communication. The Board is cognisant of the importance of regular to its underlying NAV and a fall in communication with shareholders. Directors attend meetings with the Company’s the value of its shares. largest shareholders and meet other shareholders at the Annual General Meeting and, as explained in the Chairman’s Statement, the Company will hold an online shareholder presentation in advance of the Annual General Meeting this year, including an interactive question and answer session. The Board reviews shareholder correspondence and investor relations reports and also receives feedback from the Company’s Stockbroker. Discount monitoring. The Board, through the Manager, keeps the level of discount under constant review. The Board is responsible for the Company’s share buy back policy and is prepared to authorise the use of share buy backs to provide liquidity to the market and try to limit volatility in the share price and any widening of the discount. Investment strategies - the Adherence to investment guidelines. The Board sets investment guidelines and ##  Investment Manager acts outside restrictions which the Manager follows, covering matters such as asset allocation, the terms of the management diversification, gearing, currency exposure and use of derivatives, as well as the agreement or investment Company’s sustainable and responsible investment criteria. These guidelines are guidelines, leading to an adverse reviewed regularly and the Manager reports on compliance with them at impact on performance and a Board meetings. widening of the discount. Diversification. In order to ensure adequate diversification, the Board has set absolute limits on maximum holdings and exposures in the portfolio at the time of investment, which are in addition to the limits contained in the Company’s investment policy, including the following: · No more than 10% of gross assets to be invested in any single stock; and · The top five holdings should not account for more than 40% of gross assets. Dunedin Income Growth Investment Trust PLC 37 ## Overview of Strate y ### Continued Risk Trend Mitigating Action Investment performance - poor Monitoring of performance. The Board reviews investment performance formally at ##  investment decisions, leading to Board meetings where it receives a presentation on performance and the outlook for underperformance, a loss of the portfolio from the Investment Manager. The Board also keeps under close review value for shareholders and a (inter alia) the Investment Manager’s resources and adherence to investment widening discount. processes. Management Engagement Committee. A detailed formal appraisal of the Manager is carried out annually by the Management Engagement Committee. Sustainable and responsible Adherence to restrictions. The Board sets restrictions relating to the Company’s ##  investing criteria - failure of the sustainable and responsible investment criteria, which the Investment Manager Company to adhere to its follows. These restrictions are reviewed regularly and the Investment Manager sustainable and responsible reports on compliance with them at Board meetings. investment criteria, or non- Awareness of regulations. Through the regulatory risk controls stated below, the compliance with applicable Board is also aware of the relevant ESG regulations impacting the Company. regulations, could lead to a loss of investor confidence or As set out in the Chairman’s Statement on pages 10 and 11 , since the year end the accusations of greenwashing. Board has approved a number of changes to the Company’s sustainability criteria, which are expected to be introduced during the first half of the current financial year. Income/dividends - the Company Revenue forecasting and monitoring. The Manager presents detailed forecasts of ##  adopts an unsustainable dividend income and expenditure at Board meetings, covering both the current and policy resulting in cuts to or subsequent financial years. Dividend income received is compared to forecasts, and suspension of dividends to variances analysed. shareholders, It is the stated intention of the Board to continue with a progressive dividend policy or one which fails to meet with growth in absolute terms in future years. investor demands. Use of reserves. The Company has the ability to fund dividend distributions from both accumulated revenue reserves and realised capital reserves. Financial/market - insufficient Management controls. The Manager has a range of procedures and controls relating ##  oversight or controls over to the Company’s financial instruments, including a review of investment risk financial risks, including market parameters by its Investment Risk department and a review of credit worthiness of risk, foreign currency risk, liquidity counterparties by its Counterparty Credit Risk team. risk and credit risk could result in Foreign currency hedging. It is not the Company’s policy to hedge foreign currency losses to the Company. exposure but the Company may, from time to time, partially mitigate it by drawing down borrowings in foreign currencies. Board review. As stated above, the Board sets investment guidelines and restrictions which are reviewed regularly and the Manager reports on compliance with them at Board meetings. Further details of the Company’s financial instruments and risk management are included in note 19 to the financial statements. 38 Dunedin Income Growth Investment Trust PLC ## g Risk Trend Mitigating Action Gearing - gearing accentuates Gearing restrictions. The Board sets gearing limits within which the Manager can ##  the effect of rises or falls in the operate. market value of the Company’s Monitoring. Both the limits and actual levels of gearing are monitored on an ongoing investment portfolio on its NAV. basis by the Manager and at regular Board meetings. In the event of a possible An inappropriate level of gearing impending covenant breach, appropriate action would be taken to reduce borrowing at a time of falling values could levels. result in a significant fall in the value of the Company’s net Scrutiny of loan agreements. The Board takes advice from the Manager and the assets and share price. Such a fall Company’s lawyers before approving details of loan agreements. Care is taken to in the value of the Company’s net ensure that covenants are appropriate and unlikely to be breached. assets could result in a breach of Strategic Report Financial Statements Overview Governance General Other Information Limits on derivative exposure. The Board has set limits on derivative exposures and loan covenants and trigger positions are monitored at regular Board meetings. demands for early repayment or require investments to be sold to meet any shortfall. This could result in further losses. Regulatory - changes to, or failure Board awareness. The Directors have an awareness of the more important ##  to comply with, relevant regulations and are provided with information on changes by the Manager and the regulations could result in fines, Association of Investment Companies. In terms of day to day compliance with loss of reputation, reduced regulations, the Board is reliant on the knowledge and expertise of the Manager. demand for the Company’s However, where necessary, the Board engages the service of external advisers. In shares and potentially loss of an addition, all Directors attend relevant training courses and seminars. advantageous tax regime. Management controls. The Manager’s company secretariat and accounting teams use checklists to aid compliance and these are backed by the Manager’s compliance monitoring programme and risk based internal audit investigations. Operational (including cyber- Agreements. Written agreements are in place defining the roles and responsibilities of ##  crime) - the Company is reliant all third party service providers. on services provided by third Internal control systems of the Manager. The Board receives reports on the operation parties (in particular those of the and efficacy of the Manager’s IT and control systems, including those relating to Manager and the Depositary) cyber-crime, and its internal audit and compliance functions. and any control gaps and failures in their operations could expose Safekeeping of assets. The Depositary is ultimately responsible for the safekeeping of the Company to loss the Company’s assets and its records are reconciled to those of the Manager on a or damage. regular basis. Through a delegation by the Depositary, the Company’s investments and cash balances are held in segregated accounts by the Depositary. Monitoring of other third party service providers. The Manager monitors closely the control environments and quality of services provided by third parties, including those of the Depositary. This includes controls relating to cyber-crime and is conducted through service level agreements, regular meetings and key performance indicators. The Directors review reports on the Manager’s monitoring of third party service providers on a periodic basis. Dunedin Income Growth Investment Trust PLC 39 ## Overview of Strate y ### Continued Geo-political – the impact of Board and Manager awareness. Geo-political events over which the Company has no ##  current and future geo-political control are always a risk. The Investment Manager’s focus on quality companies, the events could result in losses to diversified nature of the portfolio and a managed level of gearing all serve to provide a the Company. degree of protection in times of market volatility. ##  no change to risk rating during the year ##  increased risk rating ### Promotional Activities Social and Human Rights Issues The Board recognises the importance of promoting the The Company has no employees as the Board has Company to prospective investors both for improving delegated the day to day management and liquidity and enhancing the rating of the Company’s administrative functions to the Manager. There are shares. The Board believes one effective way to achieve therefore no disclosures to be made in respect of this is through subscription to, and participation in, the employees. promotional programme run by Aberdeen on behalf of a ### number of investment trusts under its management. The Modern Slavery Act Company’s financial contribution to the programme is Due to the nature of its business, being a company that matched by the Manager. The Company also supports does not offer goods and services to customers, the Board the Manager’s investor relations programme which considers that the Company is not within the scope of the involves regional roadshows, promotional and public Modern Slavery Act 2015. The Company is therefore not relations campaigns. The Manager’s promotional and required to make a slavery and human trafficking investor relations teams report to the Board on a quarterly statement. In any event, the Board considers the basis, giving analysis of the promotional activities as well as Company’s supply chains, dealing predominantly with updates on the shareholder register and any changes in professional advisers and service providers in the financial the composition of the register. services industry, to be low risk in relation to this matter. The purpose of the promotional and investor relations ### Global Greenhouse Gas Emissions programmes is both to communicate effectively with existing and prospective investors and to gain new The Company has no greenhouse gas emissions to report shareholders, with the aim of improving liquidity and from its operations, nor does it have responsibility for any enhancing the value and rating of the Company’s shares. other emissions producing sources under the Companies Communicating the long-term attractions of the Act 2006 (Strategic Report and Directors’ Reports) Company is key. The promotional programme includes Regulations 2013. commissioning independent paid-for research on the Under Listing Rule 11.4.22(R), the Company, as a Company, most recently from Kepler Trust Intelligence. A closed ended investment company, is exempt from copy of the latest research note is available from the complying with the Task Force on Climate-related Literature section of the Company's website. Financial Disclosures. The portfolio’s carbon intensity (Scope 1 & 2) is materially lower than that of the FTSE All‑Share Index, reflecting a focus on less carbon‑intensive business models. 40 Dunedin Income Growth Investment Trust PLC ## g In assessing the viability of the Company over the ### The UK Stewardship Code and Proxy Voting review period, the Directors have focused upon the The Company supports the UK Stewardship Code and following factors: seeks to play its role in supporting good stewardship of the companies in which it invests. Responsibility for actively · The principal risks and uncertainties detailed on pages monitoring the activities of portfolio companies has been 37 to 40 and the steps taken to mitigate these risks. delegated by the Board to the Manager, which has sub- · The relevance of the Company’s investment objective. delegated that authority to the Investment Manager. · The Company is invested in readily-realisable listed Aberdeen Group plc is a signatory to the UK Stewardship securities. Code, which aims to enhance the quality of engagement · The level of share buy backs carried out during the year by investors with investee companies in order to improve and subsequent to the year end. their socially responsible performance and the long term · Although the Company’s stated investment policy investment return to shareholders. While delivery of contains a maximum gearing limit of 30% of the net Strategic Report Financial Statements Overview Governance General Other Information stewardship activities has been delegated to the asset value at the time of draw down, the Board’s policy Manager, the Board acknowledges its role in setting the is to have a relatively modest level of gearing and the tone for the effective delivery of stewardship on the financial covenants attached to the Company’s Company’s behalf. borrowings provide for significant headroom. The Board has also given discretionary powers to the · The ability of the Company to fund dividend payments Manager to exercise voting rights on resolutions proposed from both accumulated revenue reserves and realised by the investee companies within the Company’s portfolio. capital reserves. The Manager reports on a quarterly basis on stewardship · The level of ongoing charges. (including voting) issues. · The robustness of the operations of the Company’s third The Investment Manager’s approach to stewardship party service suppliers. and engagement and proxy voting is set out on pages 34 and 41. In making its assessment, the Board is also aware that there are other matters that could have an impact on the ### Viability Statement Company’s prospects or viability in the future, including The Board considers that the Company, which does not current and future geo-political events, economic shocks have a fixed life, is a long term investment vehicle and, for or significant stock market volatility caused by other the purposes of this statement, has decided that five years factors, and changes in regulation or investor sentiment. is an appropriate period over which to consider its viability. The Board considers that this period reflects a balance ### Outlook between looking out over a long term horizon and the The Board’s view on the general outlook for the Company inherent uncertainties of looking out further than can be found in the Chairman’s Statement on page 13 five years. while the Investment Manager’s views on the outlook for Taking into account the Company’s current position and the portfolio are included on page 18. the potential impact of its principal risks and uncertainties, On behalf of the Board the Directors have a reasonable expectation that the Howard Williams Company will be able to continue in operation and meet Chairman its liabilities as they fall due for a period of five years from 8 April 2026 the date of this Report. Dunedin Income Growth Investment Trust PLC 41 ## Promotin the Success of the Company The Board, which throughout the year comprised ### Introduction independent non-executive Directors with a broad range Section 172 (1) of the Companies Act 2006 (the “Act”) of skills and experience across all major functions that requires each Director to act in the way he/she considers, affect the Company, retains responsibility for taking all in good faith, would be most likely to promote the success decisions relating to the Company’s investment objective of the Company for the benefit of its members as a whole. and policy, gearing, corporate governance and strategy, The Board is required to describe to the Company’s and for monitoring the performance of the Company’s shareholders how the Directors have discharged their service providers. duties and responsibilities over the course of the financial The Board’s philosophy is that the Company should year under that provision of the Act (the “Section 172 operate in a transparent culture where all parties are Statement”). This statement provides an explanation of provided with the opportunity to offer practical challenge how the Directors have promoted the success of the and participate in positive debate which is focused on the Company for the benefit of its members as a whole, taking aim of achieving the expectations of shareholders and into account, among other things, the likely long term other stakeholders alike. The Board reviews the culture consequences of decisions, the need to foster and manner in which the Manager and Investment relationships with all stakeholders and the impact of the Manager operate at its meetings and receives regular Company’s operations on the environment. reporting and feedback from the other key service providers. The Board works very closely with the Manager ### The Purpose of the Company and Role and Investment Manager in reviewing how stakeholder ### of the Board issues are handled, ensuring good governance and The purpose of the Company is to act as a vehicle to responsibility in managing the Company’s affairs, as well provide, over time, financial returns (both income and as visibility and openness in how the affairs are conducted. capital) to its shareholders. Investment trusts, such as the The Company’s main stakeholders have been identified Company, are long-term investment vehicles and are as its Shareholders, the Manager (and Investment typically externally managed, have no employees, and Manager), Service Providers, Investee Companies, Debt are overseen by an independent non-executive board Providers and, more broadly, the environment and of directors. community at large. 42 Dunedin Income Growth Investment Trust PLC ## g ### How the Board Engages with Stakeholders The Board considers its stakeholders at Board meetings and receives feedback on the Manager’s interactions with them. Further details are included in the table below. Stakeholder How We Engage Shareholders Shareholders are key stakeholders and the Board places great importance on communication with them. The Board welcomes all shareholders’ views and aims to act fairly between all of them. The Manager and Company’s Stockbroker meet regularly with current and prospective shareholders to discuss performance and shareholder feedback is discussed by the Directors at Board meetings. In addition, the Manager meets with analysts who cover the investment trust sector and the Directors Strategic Report Financial Statements Overview Governance General Other Information attend meetings with the Company’s largest shareholders and meet other shareholders at the Annual General Meeting. The Company subscribes to the Manager’s investor relations programme in order to maintain communication channels, in particular, with the Company’s institutional shareholder base. Regular updates are provided to shareholders through the Annual Report, Half Yearly Report, monthly factsheets, Company announcements, including daily NAV announcements, and the Company’s website. The Company’s Annual General Meeting provides a forum, both formal and informal, for shareholders to meet and discuss issues with the Directors and Manager. The Board encourages as many shareholders as possible to attend the Company’s Annual General and to provide feedback on the Company. In addition to the Annual General Meeting, this year the Company will again hold an online shareholder presentation at which shareholders will receive updates from the Chairman and Investment Manager and there will be the opportunity for an interactive question and answer session. Further details are provided in the Chairman’s Statement. Manager The Investment Manager’s Review on pages 14 to 18 details the key investment decisions taken (and Investment Manager) during the year. The Investment Manager has continued to manage the Company’s assets in accordance with the mandate provided by the Company, with the oversight of the Board. The Board regularly reviews the Company’s performance against its investment objective and the Board undertakes an annual strategy review meeting to ensure that the Company is positioned well for the future delivery of its objective for its stakeholders. The Board receives presentations from the Investment Manager at every Board meeting to help it to exercise effective oversight of the Investment Manager and the Company’s strategy. The Board, through the Management Engagement Committee, formally reviews the performance of the Manager at least annually. More details are provided on pages 55 to 56. Dunedin Income Growth Investment Trust PLC 43 ## Promotin the Success of the Company ### Continued Service Providers The Board seeks to maintain constructive relationships with the Company’s suppliers either directly or through the Manager, with regular communications and meetings. The Management Engagement Committee conducts an annual review of the performance, terms and conditions of the Company’s main service providers to ensure they are performing in line with Board expectations, carrying out their responsibilities and providing value for money. Investee Companies Responsibility for actively monitoring the activities of portfolio companies has been delegated by the Board to the Manager which has sub-delegated that authority to the Investment Manager. The Board has also given discretionary powers to the Manager to exercise voting rights on resolutions proposed by the investee companies within the Company’s portfolio. The Manager reports on a quarterly basis on stewardship (including voting) issues. Through engagement and exercising voting rights, the Investment Manager actively works with companies to improve corporate standards, transparency and accountability. Further details are provided on pages 34 and 41. The Manager reports regularly to the Board on investment and engagement activity. Debt Providers On behalf of the Board, the Manager maintains a positive working relationship with The Bank of America, N.A., London Branch, the provider of the Company’s multi-currency loan facility, and provides regular updates on business activity and compliance with its loan covenants. The Manager also provides regular covenant compliance certificates to the holders of the Company’s £30 million Loan Notes. Environment and Community The Board and Manager are committed to investing in a sustainable and responsible manner. Further details are provided in the Investment Policy on page 35. The overall shape and structure of the investment ### Specific Examples of Stakeholder portfolio is an important factor in delivering the ### Consideration During the Year Company’s stated investment objective and is reviewed at While the importance of giving due consideration to the every Board meeting, including adherence to the Company’s stakeholders is not a new requirement, and is Company’s sustainable and responsible investing criteria, considered during every Board decision, the Directors further details of which are included on pages 32 to 34. were particularly mindful of stakeholder considerations during the following decisions undertaken during the year During the year, through the work of the Management ended 31 January 2026. Each of these decisions was Engagement Committee, the Board decided that the continuing appointment of the Manager is in the best made after taking into account the short and long term interests of shareholders. benefits for stakeholders. Dividend Investment Objective and Portfolio (including sustainable and responsible investing criteria) During the year, and as explained in greater detail in the Chairman’s Statement on page 11, the Board announced The Investment Manager’s Review details the key that it would significantly increase dividend distributions to investment decisions taken during the year, including shareholders such that, for the year ending 31 January adherence to the Company’s sustainable and responsible 2026, the Company’s dividend was increased by 34.5% to investing criteria. 19.10p per share. This provided a dividend yield of 6.2% at the end of the year, offering an attractive yield compared to cash, the FTSE All-Share Index and peers in the UK Equity Income sector. 44 Dunedin Income Growth Investment Trust PLC ## g Furthermore, the Board stated its intention to continue In addition, the Chairman and the Manager recorded with a progressive dividend policy with growth in absolute podcasts during the year which are available on the terms in future years from the increased level, and Company’s website, providing updates on performance building on the successful long-term track record of and the outlook for markets. dividend increases. The Board considers that it is important to maintain an The Company has the ability to fund the dividend cost ongoing dialogue with shareholders to properly from a combination of accumulated revenue reserves understand their views and to communicate the actions and realised capital reserves thus utilising one of the key of the Board. benefits of the investment trust structure. Board Succession Through meetings with shareholders and feedback from Having served for nine years, David Barron and Jasper the Manager and the Company’s Stockbroker, the Board Judd retired from the Board on 22 May 2025. As explained is conscious of the importance that shareholders place on Strategic Report Financial Statements Overview Governance General Other Information in the Chairman’s Statement on page 12 and the the level of dividends paid by the Company. The Board Directors’ Report on pages 52 and 56, as part of the therefore considers that that the increase in the dividend Board’s succession planning, and following a search level is in the interest of shareholders. process, Arun Kumar Sarwal was appointed as an independent non-executive Director on 1 February 2025 Share Buy Backs and as Chair of the Audit & Risk Committee on 22 May During the year, the Company bought back 14.8 million 2025. Katrina Hart was appointed as an independent non- Ordinary shares to be held in treasury, at a cost of £43.3 executive Director on 1 March 2026. million, providing an accretion of 1.1% to the NAV per share and a degree of liquidity to the market at times New Board appointments seek to achieve a good balance when the discount to the NAV per share had widened in of skills, experience, gender and ethnicity. The Board normal market conditions. It is the view of the Board that believes that shareholders’ interests are best served by this policy is in the interest of all shareholders. ensuring a smooth and orderly refreshment of the Board which serves to provide continuity and maintain the | Shareholder Engagement | Board’s open and collegiate style. | | --- | --- | | During the year, the Board met shareholders at the AGM | On behalf of the Board | | which was held in Edinburgh. The AGM will be held in | Howard Williams | | London this year. The Board receives feedback from the | Chairman | | Stockbroker and the Manager following meetings with | 8 April 2026 | shareholders and the Charman is available to meet with the Company’s larger shareholders. Shareholder letters addressed to the Board are shared with all Directors and responded to directly by the Charman. To encourage and promote stronger interaction and engagement with the Company’s shareholders, the Board will hold an interactive online shareholder presentation which will be held at 11.00am on Friday 8 May 2026. At the presentation, shareholders will receive updates from the Chairman and Investment Manager and there will be the opportunity for an interactive question and answer session. Details of how to register for the event can be found on the Company’s website. Dunedin Income Growth Investment Trust PLC 45 ## Governance 2.7% of the Company’s total assets are invested in the House Goods and Home Construction sub- sector (2025: 2.0%). 46 Dunedin Income Growth Investment Trust PLC ### The Company is committed to high standards of ### corporate governance and applies the ### principles identified in the UK Corporate ### Governance Code and the AIC Corporate ### Governance Code. ### The Directors, all of whom are non-executive ### and independent of the Manager, supervise the ### management of the Company and represent ### the interests of shareholders. Dunedin Income Growth Investment Trust PLC 47 ## Board of Directors ### Gay Collins ### Howard Williams Independent Non-Executive Director and Chair of the Independent Non-Executive Chairman Nomination & Remuneration Committee Experience: Experience: Howard Williams has over 40 years’ of fund management Gay Collins has over 35 years of experience in the experience and was, until October 2017, Chief Investment financial services sector and has founded and grown Officer and Head of the Global Equity Team at JPMorgan three PR companies, Montfort Communications, Penrose Asset Management. Prior to joining JPMorgan Asset Financial (which became MHP) and Ludgate Management in 1994, he held a number of senior positions Communications, and has an executive role at Montfort at Shell Pensions and Kleinwort Benson Asset where she advises financial services companies on Management. He started his career at James Capel & Co. communications. She was, until January 2026, a non- He is also a non-executive director of Strategic Equity executive director of the Association of Investment Capital plc and Lifesight Limited and is Chairman of Companies. Schroders Unit Trusts Limited. Length of service: Length of service: 4 years, appointed a Director on 1 July 2021 8 years, appointed a Director on 1 April 2018 and Chairman on 22 May 2025 Last re-elected to the Board: Last re-elected to the Board: 22 May 2025 22 May 2025 Committee membership: Committee membership: Audit & Risk Committee, Management Engagement Committee and Nomination & Remuneration Committee Management Engagement Committee and Nomination & (Chair) Remuneration Committee Contribution: Contribution: The Nomination & Remuneration Committee has The Nomination & Remuneration Committee has reviewed the contribution of Gay Collins in light of her reviewed the contribution of Howard Williams and has proposed re-election at the AGM and has concluded that concluded that he has chaired the Company expertly she has continued to provide significant value to the Board since his appointment to the role on 22 May 2025, through her knowledge of the financial services sector, fostering a collaborative spirit between the Board and and promotional activities in particular, and knowledge of Manager whilst ensuring that meetings remain focused on the investment trust sector. the key areas of stakeholder relevance. In addition, he continues to provide significant investment insight to the Board and knowledge of the investment management sector. 48 Dunedin Income Growth Investment Trust PLC ### Katrina Hart Christine Montgomery Independent Non-Executive Director Senior Independent Non-Executive Director and Chair the Management Engagement Committee Strategic Report Financial Statements Overview Governance General Other Information Experience: Experience: Katrina Hart spent her executive career in investment banking, advising, analysing and commentating on a Christine Montgomery has over 30 years of investment broad range of businesses. Initially working in corporate management experience, most recently as Head of finance at ING Barings and Hawkpoint Partners, she then Global Equities at AustralianSuper in Melbourne from 2016 moved into equities research at HSBC. Latterly, she until 2019. She previously held roles as a global equities headed up the Financials research teams at Bridgewell portfolio manager at Fidelity Worldwide Investments, Group and Canaccord Genuity, specialising in wealth and Martin Currie and Edinburgh Partners. She is also a non- asset managers. She is currently Chair of JPMorgan UK executive director of The Scottish American Investment Small Cap Growth & Income plc and Blackrock Frontiers Company plc. Investment Trust plc and a non-executive director of AEW UK REIT plc (due to retire in September 2026) and Length of service: Montanaro Asset Management Limited. 6 years, appointed a Director on 1 February 2020 Length of service: Last re-elected to the Board: Appointed a Director on 1 March 2026 22 May 2025 Last re-elected to the Board: Committee membership: n/a – will stand for election at the AGM on 21 May 2026 Audit & Risk Committee, Management Engagement Committee (Chair) and Nomination & Remuneration Committee membership: Committee Audit & Risk Committee, Management Engagement Committee and Nomination & Remuneration Committee Contribution: The Nomination & Remuneration Committee has reviewed the contribution of Christine Montgomery in light of her proposed re-election at the AGM and has concluded that she has continued to provide significant investment insight to the Board and knowledge of the investment management sector. Dunedin Income Growth Investment Trust PLC 49 ## Board of Directors ### Continued ### Arun Kumar Sarwal Independent Non-Executive Director and Chairman of the Audit & Risk Committee Experience: Arun Kumar Sarwal has broad experience of global equities and fund management over some 35 years in the UK, Europe, and Asia. He is Chairman of the board of Tumelo, a director and Chairman of the Audit Committee of JPMorgan European Discovery Trust plc and a director of Invesco Bond Income Plus Limited. His previous roles include CEO of Broadridge Fund Communication Solutions, Senior Vice President of SS&C Technologies, COO and CFO at Scottish Widows Investment Partnership and global roles at ABN AMRO and Societe Generale Investment Limited. He is a Chartered Accountant. Length of service: 1 year, appointed a Director on 1 February 2025. Elected to the Board: 22 May 2025 Committee membership: Audit & Risk Committee (Chairman), Management Engagement Committee and Nomination & Remuneration Committee Contribution: The Nomination & Remuneration Committee has reviewed the contribution of Arun Kumar Sarwal and has concluded that he has chaired the Audit & Risk Committee expertly since taking over the Chair on 22 May 2025 and provides financial and business insight to the Board and knowledge of the investment trust sector. 50 Dunedin Income Growth Investment Trust PLC # Directors' Report The Directors present their report and the audited financial statements for the year ended 31 January 2026. ## Results and Dividends The financial statements for the year ended 31 January 2026 are contained on pages 77 to 100. A first interim dividend of 3.20p per Ordinary share was paid on 29 August 2025 and second and third interim dividends, each of 4.25p per Ordinary share, were paid on 28 November 2025 and 27 February 2026. The Directors recommend a final dividend of 7.40p per Ordinary share, payable on 29 May 2026 to shareholders on the register on 8 May 2026. The ex-dividend date is 7 May 2026. A resolution to approve the final dividend will be proposed at the Annual General Meeting. ## Principal Activity and Status The Company is registered as a public limited company (registered in Scotland No. SC000881) and is an investment company within the meaning of Section 833 of the Companies Act 2006. The Company has been approved by HM Revenue & Customs as an investment trust subject to it continuing to meet the relevant eligibility conditions of Section 1158 of the Corporation Tax Act 2010 and the ongoing requirements of Part 2 Chapter 3 Statutory Instrument 2011/2999. The Directors are of the opinion that the Company has conducted its affairs for the year ended 31 January 2026 so as to enable it to comply with the ongoing requirements for investment trust status. ## Individual Savings Accounts The Company has conducted its affairs in such a way as to satisfy the requirements as a qualifying security for Individual Savings Accounts. The Directors intend that the Company will continue to conduct its affairs in this manner. ## Donations to Charity The Board has previously decided that amounts of unclaimed dividends greater than 12 years old, which are returned annually to the Company by the Registrar in accordance with the Company Articles of Association, will be donated to charity. Accordingly, the Company made a donation of £16,000 (2025: £20,000) to the Aberdeen Group Charitable Trust, which directs funding to charities around the world. The Aberdeen Group Charitable Trust is a registered charity. Its board of directors includes independent representation from the Aberdeen Group and provides oversight and guidance for its charitable giving activities. ## Capital Structure and Voting Rights The issued Ordinary share capital at 31 January 2026 consisted of 120,197,609 Ordinary shares of 25p and 33,480,326 Ordinary shares held in treasury. Each Ordinary share holds one voting right and shareholders are entitled to vote on all resolutions which are proposed at general meetings of the Company. The Ordinary shares, excluding treasury shares, carry a right to receive dividends. On a winding up or other return of capital, after meeting the liabilities of the Company, the surplus assets will be paid to Ordinary shareholders in proportion to their shareholdings. There are no restrictions on the transfer of, or voting rights attaching to, the Ordinary shares in the Company other than certain restrictions which may from time to time be imposed by law. ## Management Agreement The Company has appointed abrand Fund Managers Limited ("afML"), a wholly owned subsidiary of Aberdeen Group plc, as its alternative investment fund manager. afML has been appointed to provide investment management, risk management, administration and company secretarial services and promotional activities to the Company. The Company's portfolio is managed by abrand Investments Limited ("aIL") by way of a group delegation agreement in place between afML and aIL. In addition, afML has sub-delegated administrative and secretarial services to abrand Holdings Limited and promotional activities to aIL. Details of the management fees and fees payable for promotional activities are shown in notes 4 and 5 to the financial statements. The management agreement is terminable on not less than six months' notice. In the event of termination by the Company on less than the agreed notice period, compensation is payable to the Manager in lieu of the unexpired notice period. Dunedin Income Growth Investment Trust PLC 51 # Directors' Report Continued ### Substantial Interests Information provided to the Company by major shareholders pursuant to the FCA's Disclosure Guidance and Transparency Rules is published by the Company via a Regulatory Information Service. The table below sets out the interests in 3% or more of the issued share capital of the Company, of which the Board was aware as at 31 January 2026. | Shareholder | Number of shares held | % held | | --- | --- | --- | | Interactive Investor | 31,926,663 | 26.6 | | Hargreaves Lansdown | 16,186,574 | 13.5 | | AJ Bell | 6,494,302 | 5.4 | | HSDL Stockbrokers | 5,016,029 | 4.2 | | WM Thomson | 4,735,997 | 3.9 | | EPG Harris Allday | 4,272,111 | 3.6 | | Charles Stanley | 4,105,891 | 3.4 | | Rathbones | 3,933,849 | 3.3 | There have been no changes notified to the Company between the year end and the date of approval of this Report. ### Directors At the year end, the Board comprised four non-executive Directors, each of whom is considered by the Board to be independent of the Company and the Manager. Howard Williams is the Chairman and Christine Montgomery is the Senior Independent Director. Arun Kumar Sarwal was appointed as an independent non-executive Director on 1 February 2025. Following the year end, Katrina Hart was appointed as an independent non-executive Director on 1 March 2026 and will stand for election at the Annual General Meeting. David Barron and Jasper Judd retired as Directors on 22 May 2025. Under the terms of the Company's Articles of Association, Directors are subject to election at the first Annual General Meeting after their appointment and are required to retire and be subject to re-election at least every three years thereafter. However, the Board has decided that all Directors will retire annually. Accordingly, Gay Collins, Christine Montgomery, Arun Kumar Sarwal and Howard Williams will retire at the Annual General Meeting and, being eligible, offer themselves for re-election. The Board believes that all the Directors seeking election/re-election are independent of the Manager and free from any relationship which could materially interfere with the exercise of their judgement on issues of strategy, performance, resources and standards of conduct. The biographies of each of the Directors are shown on pages 48 to 50, setting out their range of skills and experience as well as length of service and their contribution to the Board during the year. The Board believes that each Director has the requisite high level and range of business, investment and financial experience which enables the Board to provide clear and effective leadership and proper governance of the Company. Following formal performance evaluations, each Director's performance continues to be effective and demonstrates commitment to the role, and their individual performances contribute to the long-term sustainable success of the Company. All of the Directors have demonstrated that they have sufficient time and commitment to fulfil their directorial roles with the Company. The Board therefore recommends the election/re-election of each of the Directors at the Annual General Meeting. The Directors attended scheduled Board and Committee meetings during the year ended 31 January 2026 as follows (with their eligibility to attend the relevant meetings in brackets): | | Board Meetings | Audit & Risk Committee Meetings | Management Engagement Committee Meetings | Nomination & Remuneration Committee Meetings | | --- | --- | --- | --- | --- | | David Barron^{1} | 2 (2) | -(-) | -(-) | -(-) | | Gay Collins | 5 (5) | 2 (2) | 1 (1) | 1 (1) | | Jasper Judd^{2} | 2 (2) | 2 (2) | -(-) | -(-) | | Christine Montgomery | 5 (5) | 2 (2) | 1 (1) | 1 (1) | | Arun Kumar Sarwal | 5 (5) | 2 (2) | 1 (1) | 1 (1) | | Howard Williams^{3} | 5 (5) | 1 (1) | 1 (1) | 1 (1) | $^{1}$ David Barron retired as a Director on 22 May 2025. As Chairman of the Board he was not a member of the Audit & Risk Committee but attended by invitation. $^{2}$ Retired as a Director on 22 May 2025. $^{3}$ Howard Williams was appointed as Chairman of the Board on 22 May 2025. Since that date, he has not been a member of the Audit & Risk Committee but attends by invitation. The Board meets more frequently when business needs require. 52 Dured in Income Growth Investment Trust PLC ### Board’s Policy on Tenure Board Diversity In normal circumstances, it is the Board’s expectation that The Board recognises the importance of having a range Directors will not serve beyond the Annual General Meeting of skilled, experienced individuals with the right knowledge following the ninth anniversary of their appointment. represented on the Board in order to allow it to fulfil its However, the Board takes the view that independence of obligations. The Board also recognises the benefits, and is individual Directors is not necessarily compromised by supportive of, the principle of diversity in its recruitment of length of tenure on the Board and that continuity and new Board members, including diversity of thought, experience can add significantly to the Board’s strength. location and background. The Board will not display any The Board believes that recommendation for re-election bias for age, gender, race, sexual orientation, religion, should be on an individual basis following a rigorous review ethnic or national origins, or disability in considering the which assesses the contribution made by the Director appointment of its Directors. In view of its size, the Board concerned, but also taking into account the need for will continue to ensure that all appointments are made on managed succession and diversity. the basis of merit against the specification prepared for Strategic Report Financial Statements Overview Governance General Other Information each appointment. In doing so, the Board will take account It is the Board’s policy that the Chairman of the Board will of the targets set out in the FCA’s Listing Rules, which are not serve as a Director beyond the Annual General Meeting set out below. following the ninth anniversary of his or her appointment to the Board. However, this may be extended in exceptional The Board has resolved that the Company’s year end circumstances or to facilitate effective succession planning date is the most appropriate date for disclosure purposes. and the development of a diverse Board. In such a situation the reasons for the extension will be fully explained to shareholders and a timetable for the departure of the Chairman clearly set out. Table for reporting on gender as at 31 January 2026 Number of Board Percentage of Number of senior positions Number in Percentage of members the Board on the Board (CEO, CFO, executive executive Chair and SID) management management Men 2 50% n/a n/a n/a Women 2 50% (note 1) (note 3) (note 3) (note 3) Not specified/prefer not to say - - Table for reporting on ethnic background as at 31 January 2026 Number of Board Percentage of Number of senior positions Number in Percentage of members the Board on the Board (CEO, CFO, executive executive Chair and SID) management management White British or other White 3 75% (including minority-white groups) n/a n/a n/a Asian/ Asian British 1 25% (note 2) (note 3) (note 3) (note 3) Not specified/prefer not to say - - Notes: 1. Meets the target that at least 40% of Directors are women as set out in LR 6.6.6R (9)(a)(i). 2. Meets the target that at least one Director is from a minority ethnic background as set out in LR 6.6.6R (9)(a)(iii). 3. This column is not applicable as the Company is externally managed and does not have any executive staff. Specifically, it does not have either a CEO or CFO. The Board considers that the roles of Chairman of the Board, Senior Independent Director and Chairs of the Audit & Risk Committee, Nomination & Remuneration Committee and Management Engagement Committee are senior Board positions and, accordingly, that the Company meets in spirit the requirement that at least one of the senior Board positions is held by a woman as set out in LR 6.6.6R (9)(a)(ii) . Dunedin Income Growth Investment Trust PLC 53 ## Directors’ Report ### Continued ### Matters Reserved for the Board Management of Conflicts of Interest The Board has a schedule of matters reserved to it for The Board has a procedure in place to deal with a decision and the requirement for Board approval on these situation where a Director has a conflict of interest. As part matters is communicated directly to the senior staff of the of this process, each Director prepares a list of other Manager. Such matters include strategy, gearing, treasury positions held and all other conflict situations that may and dividend policy. Full and timely information is provided need to be authorised either in relation to the Director to the Board to enable the Directors to function effectively concerned or his or her connected persons. The Board and to discharge their responsibilities. considers each Director’s situation and decides whether to approve any conflict, taking into consideration what is in ### The Roles of the Chairman and Senior the best interests of the Company and whether the ### Independent Director Director’s ability to act in accordance with his or her wider The Chairman is responsible for providing effective duties is affected. Each Director is required to notify the leadership of the Board, demonstrating objective Company Secretary of any potential, or actual, conflict judgement and promoting a culture of openness and situations that will need authorising by the Board. debate. The Chairman facilitates the effective Authorisations given by the Board are reviewed at each contribution and encourages active engagement by each Board meeting. Director. In conjunction with the Company Secretary, the No Director has a service contract with the Company Chairman ensures that Directors receive accurate, timely although all Directors are issued with letters of and clear information to assist them with effective appointment. There were no contracts during, or at the decision-making. The Chairman acts upon the results of end of the year, in which any Director was interested. the Board evaluation process by recognising strengths and addressing any weaknesses and also ensures that the The Company has a policy of conducting its business in an Board engages with major shareholders and that all honest and ethical manner. The Company takes a zero- Directors understand shareholder views. tolerance approach to bribery and corruption and has procedures in place that are proportionate to the The Senior Independent Director acts as a sounding board Company’s circumstances to prevent them. The Manager for the Chairman and acts as an intermediary for other also adopts a group-wide zero-tolerance approach and Directors, when necessary. Working closely with the has its own detailed policy and procedures in place to Nomination & Remuneration Committee, the Senior prevent bribery and corruption. Copies of the Manager’s Independent Director takes responsibility for an orderly anti-bribery and corruption policies are available on succession process for the Chairman, and leads the its website. annual appraisal of the Chairman’s performance. The Senior Independent Director is also available to In relation to the corporate offence of failing to prevent tax shareholders to discuss any concerns they may have. evasion, it is the Company’s policy to conduct all business in an honest and ethical manner. The Company takes a zero-tolerance approach to facilitation of tax evasion ### Directors’ and Officers’ Liability Insurance whether under UK law or under the law of any foreign The Company maintains insurance in respect of Directors’ country and is committed to acting professionally, and Officers’ liabilities in relation to their acts on behalf of fairly and with integrity in all its business dealings the Company. Each Director is entitled to be indemnified and relationships. out of the assets of the Company to the extent permitted by law against any loss or liability incurred by him or her in the execution of his or her duties in relation to the affairs of the Company. These rights are included in the Articles of Association of the Company. 54 Dunedin Income Growth Investment Trust PLC Full details of the Company’s compliance with AIC Code ### Corporate Governance can be found on its website. The Company is committed to high standards of corporate governance. The Board is accountable to the The Board is conscious of the updated provisions in the UK Company’s shareholders for good governance and this Code (provision 29) and the AIC Code (provision 34), statement describes how the Company has applied the which are effective for accounting periods beginning on principles identified in the UK Corporate Governance or after 1 January 2026. These provisions relate to the Code as published in January 2024 (the “UK Code”), which reporting by the Board on its monitoring and review of the is available on the Financial Reporting Council’s (the “FRC”) Company’s internal control framework and a declaration website: frc.org.uk. by the Board of the effectiveness of the material controls at the balance sheet date. It is the Board’s intention that The Board has also considered the principles and the Company will comply with these updated provisions provisions of the AIC Corporate Governance Code as during the current financial year and include the required published in August 2024 (the “AIC Code”). The AIC Code disclosures in the Annual Report for the year ended 31 Strategic Report Financial Statements Overview Governance General Other Information addresses the principles and provisions set out in the UK January 2027. Code, as well as setting out additional provisions on issues that are of specific relevance to investment companies. ### Board Committees The AIC Code is available on the AIC’s website: The Board has appointed a number of Committees, as set theaic.co.uk. It includes an explanation of how the AIC out below. Copies of their terms of reference, which Code adapts the principles and provisions set out in the UK clearly define the responsibilities and duties of each Code to make them relevant for investment companies. Committee, are available on the Company’s website, or The Board considers that reporting against the principles upon request from the Company. The terms of reference and provisions of the AIC Code, which has been endorsed of each of the Committees are reviewed and re-assessed by the Financial Reporting Council (“FRC”), provides more by the Board for their adequacy on an ongoing basis. relevant information to shareholders. Audit & Risk Committee The Board confirms that, during the year, the Company The Audit & Risk Committee’s Report is contained on complied with the principles and provisions of the AIC pages 63 to 65. Code and the relevant provisions of the UK Code, except as set out below. Management Engagement Committee The UK Code includes provisions relating to: The Management Engagement Committee consists of all · interaction with the workforce (provisions 2, 5 and 6); the Directors and is chaired by Christine Montgomery. The terms and conditions of the Manager’s appointment, · the role and responsibility of the chief executive including an evaluation of performance and fees, are (provisions 9 and 14); reviewed by the Committee on an annual basis. The · requirement of the chairman of a remuneration Committee also keeps the resources of the Aberdeen committee to have served on a remuneration Group under review, together with its commitment to the committee for at least 12 months prior to appointment Company and its investment trust business. In addition, the (provision 32); and Committee conducts an annual review of the · executive directors’ remuneration (provisions 33 and 36 performance, terms and conditions of the Company’s to 41). main third party suppliers. These provisions are not repeated in the AIC Code and the Board considers that they are not relevant to the position of the Company, being an externally managed investment company. In particular, all of the Company’s day-to-day management and administrative functions are outsourced to third parties. As a result, the Company has no executive directors, employees or internal operations. The Company has therefore not reported further in respect of these provisions. Dunedin Income Growth Investment Trust PLC 55 ## Directors’ Report ### Continued Following a detailed review of performance for the year, The Committee considers succession planning on at least the Board remains satisfied with the capability of the an annual basis. Potential new Directors are identified Aberdeen Group to deliver satisfactory investment against the requirements of the Company’s business and performance, that its investment screening processes are the need to have a balance of skills, experience, thorough and robust and that it employs a well-resourced independence, diversity and knowledge of the Company team of skilled and experienced fund managers. In within the Board. New Directors are selected on merit, and addition, the Board is satisfied that the Aberdeen Group with due regard to the benefits of diversity on the Board, has the secretarial, administrative and promotional skills taking care to ensure that appointees have enough time required for the effective operation and administration of available to devote to the position. Every Director is the Company. Accordingly, the Board believes that the entitled to receive appropriate training as deemed continuing appointment of the Manager on the terms necessary. agreed is in the interests of shareholders as a whole. In relation to the appointments of Arun Kumar Sarwal as a Director on 1 February 2025 and Katrina Hart as a Director Nomination & Remuneration Committee on 1 March 2026, the Board engaged the services of an The Nomination & Remuneration Committee consists of independent search consultant, Sapphire Partners. all the Directors. The Committee is chaired by Gay Collins who has relevant experience and understanding of the ### Going Concern Company. The Committee reviews the effectiveness of The Company’s assets consist mainly of equity shares in the Board, succession planning, Board appointments, companies listed on the London Stock Exchange and in appraisals and training, and determines the Directors’ most circumstances are considered to be realisable within remuneration policy and level of remuneration, including a short timescale. The Board has set limits for borrowing for the Chairman. The Committee also considers the need and derivative contract positions and regularly reviews to appoint an external remuneration consultant. Further actual exposures, cash flow projections and compliance details of the remuneration policy are provided in the with loan covenants. The Directors have considered the Directors’ Remuneration Report on pages 60 to 62. fact that Company’s investments comprise readily During the year, the Committee undertook an annual realisable securities which can be sold to meet funding appraisal of the Chairman of the Board, individual requirements if necessary. The Directors have also Directors and the performance of Committees and the performed stress testing on the portfolio and the loan Board as a whole. This process involved the completion of financial covenants. questionnaires by each Director and follow-on discussions Having taken these matters into account, the Directors between the Chairman and each Director. The appraisal believe that the Company has adequate financial of the Chairman was undertaken by the Senior resources to continue in operational existence for the Independent Director. The results of the process were foreseeable future and for at least twelve months from discussed by the Board following its completion, with the date of this Report. Accordingly, they continue to appropriate action points made. adopt the going concern basis of accounting in preparing Following the evaluation process, the Board believes that it the financial statements. continues to operate in an efficient and effective manner ### Accountability and Audit with each Director making a significant contribution to The respective responsibilities of the Directors and the the Board. Auditor in connection with the financial statements The Nomination & Remuneration Committee will appear on pages 68 and 73. consider the need for a regular externally evaluated Each Director confirms that, so far as he or she is aware, Board evaluation. there is no relevant audit information of which the Company’s Auditor is unaware, and they have taken all the steps that they could reasonably be expected to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company’s Auditor is aware of that information. 56 Dunedin Income Growth Investment Trust PLC ### Independent Auditor Disclosures in Strategic Report The Company’s Auditor, Deloitte LLP, has indicated its In accordance with Section 414 C (11) of the Companies willingness to remain in office. The Board will propose Act 2006, the following information otherwise required to resolutions at the Annual General Meeting to re-appoint be set out in the Directors’ Report has been included in the Deloitte LLP as Auditor for the ensuing year and to Strategic Report: risk management objectives and policies authorise the Directors to determine its remuneration. and likely future developments in the business. ### Relations with Shareholders Annual General Meeting The Directors place a great deal of importance on The Annual General Meeting will be held at 18 Bishops communications with shareholders. Shareholders and Square, London E1 6EG at 12 noon on Thursday investors may obtain up to date information on the 21 May 2026. Company through its website. The Notice of the Meeting is included on pages 112 Strategic Report Financial Statements Overview Governance General Other Information The Board’s policy is to communicate directly with to 117. Resolutions including the following business shareholders and their representative bodies without the will be proposed: involvement of the management group (including the Company Secretary or the Manager) in situations where Allotment of Shares direct communication is required, and representatives Resolution 12 will be proposed as an ordinary resolution to from the Board and Manager meet with major confer an authority on the Directors, in substitution for any shareholders on at least an annual basis in order to gauge existing authority, to allot up to 33.33% of the issued their views. Ordinary share capital of the Company (excluding treasury shares) as at the date of the passing of the abrdn Holdings Limited has been appointed Company resolution (up to a maximum aggregate nominal amount Secretary to the Company. Whilst abrdn Holdings Limited of £9,887,830 based on the number of Ordinary shares in is a wholly owned subsidiary of the Aberdeen Group, there issue as at the date of this Report) in accordance with is a clear separation of roles between the Manager and Section 551 of the Companies Act 2006. The authority Company Secretary with different board compositions conferred by this resolution will expire at the next Annual and different reporting lines in place. The Company General Meeting of the Company or on 31 July 2027, Secretary only acts on behalf of the Board, not the whichever is earlier (unless previously revoked, varied or Manager, and there is no filtering of communication. extended by the Company in general meeting). At each Board meeting the Board receives full details of The Directors consider that the authority proposed to be any communication from shareholders to which the granted by Resolution 12 is necessary to retain flexibility, Chairman responds personally as appropriate. although they do not at the present time have any Directors attend meetings with the Company’s largest intention of exercising such authority. shareholders and meet other shareholders at the Annual General Meeting and, as explained in the Chairman’s Statement, the Company will hold an online shareholder presentation in advance of the Annual General Meeting this year, which will include an interactive question and answer session. The notice of the Annual General Meeting is sent out at least 20 working days in advance of the meeting. All shareholders have the opportunity to put questions to the Board and Manager at the meeting. Dunedin Income Growth Investment Trust PLC 57 ## Directors’ Report ### Continued Limited Disapplication of Pre-emption Provisions Market Purchase of the Company’s own Ordinary Shares Resolution 13 will be proposed as a special resolution and Resolution 14 will be proposed as a special resolution to seeks to give the Directors power to allot Ordinary shares authorise the Company to make market purchases of its and to sell Ordinary shares held in treasury (see below) (i) own Ordinary shares. The Company may do either of the by way of a rights issue (subject to certain exclusions); (ii) following things in respect of its own Ordinary shares by way of an open offer or other offer of securities (not which it buys back and does not immediately cancel but, being a rights issue) in favour of existing shareholders in instead, holds in treasury: proportion to their shareholdings (subject to certain · sell such shares (or any of them) for cash (or its exclusions); and (iii) to persons other than existing equivalent); or shareholders for cash up to a maximum aggregate · ultimately cancel the shares (or any of them). nominal amount representing 10% of the Company’s issued Ordinary share capital as at the date of the passing Treasury shares may be re-sold quickly and cost of the resolution (up to an aggregate nominal amount of effectively. The Directors therefore intend to continue to £2,966,645 based on the number of Ordinary shares in take advantage of this flexibility as they deem issue as at the date of this Report), without first being appropriate. Treasury shares also enhance the Directors’ required to offer such shares to existing shareholders pro ability to manage the Company’s capital base. rata to their existing shareholding. No dividends will be paid on treasury shares and no voting This power will expire at the conclusion of the next Annual rights attach to them. General Meeting of the Company or on 31 July 2027, whichever is earlier (unless previously revoked, varied or The maximum aggregate number of Ordinary shares extended by the Company in general meeting). which may be purchased pursuant to the authority is 14.99% of the issued Ordinary share capital of the The Company may buy back and hold shares in treasury Company as at the date of the passing of the resolution and then sell them at a later date for cash rather than (approximately 17.8 million Ordinary shares as at the date cancelling them. Such sales are required to be on a pre- of this Report). The minimum price which may be paid for emptive, pro rata basis to existing shareholders unless an Ordinary share is 25p (exclusive of expenses). The shareholders agree by special resolution to disapply such maximum price (exclusive of expenses) which may be pre-emption rights. Accordingly, in addition to giving the paid for the shares is the higher of (a) 5% above the Directors power to allot unissued Ordinary share capital average of the middle market quotations of the Ordinary on a non pre-emptive basis, Resolution 13 will also give the shares (as derived from the Daily Official List of the Directors power to sell Ordinary shares held in treasury on London Stock Exchange) for the shares for the five a non pre-emptive basis, subject always in both cases to business days immediately preceding the date of the limitations noted above. Pursuant to this power, purchase; and (b) the higher of the price of the last Ordinary shares would only be issued for cash, and independent trade and the highest current independent treasury shares would only be sold for cash, at a price of bid on the main market for the Ordinary shares. not less than the net asset value per share of the existing Ordinary shares (calculated after the deduction of prior This authority, if conferred, will expire at the conclusion of charges at market value). Treasury shares are explained the next Annual General Meeting of the Company or on in more detail under the heading “Market Purchase of the 31 July 2027, whichever is earlier (unless previously Company’s own Ordinary Shares” below. revoked, varied or extended by the Company in general meeting), and will be exercised only if it would result in an increase in net asset value per Ordinary share for the remaining shareholders and if it is in the best interests of shareholders as a whole. 58 Dunedin Income Growth Investment Trust PLC Recommendation The Directors consider that the resolutions to be proposed at the Annual General Meeting are in the best interests of the Company and its shareholders as a whole and recommend that shareholders vote in favour of the resolutions as they intend to do in respect of their own beneficial shareholdings, amounting to 27,574 Ordinary shares, representing 0.02% of the issued share capital as at the date of this Report. By order of the Board abrdn Holdings Limited Company Secretary Strategic Report Financial Statements Overview Governance General Other Information 1 George Street Edinburgh EH2 2LL 8 April 2026 Dunedin Income Growth Investment Trust PLC 59 ## Directors’ Remuneration Report This Directors’ Remuneration Report comprises least every three years thereafter. However, the Board three parts: has decided that all Directors will retire annually. · Any Director newly appointed to the Board will receive 1. a Remuneration Policy which is subject to a binding the fee applicable to each of the other Directors at the shareholder vote every three years (or sooner if varied time of appointment together with any other fee then during this interval) – most recently voted on at the currently payable in respect of a specific role which the Annual General Meeting on 16 May 2023; new Director is to undertake for the Company. 2. an Implementation Report which is subject to an · No incentive or introductory fees will be paid to advisory vote on the level of remuneration paid during encourage a person to become a Director. the year; and · Directors are not eligible for bonuses, pension benefits, share options, long term incentive schemes 3. an Annual Statement. or other benefits. Company law requires the Company’s Auditor to audit · Directors are entitled to re-imbursement of out-of- certain of the disclosures provided in the Directors’ pocket expenses incurred in connection with the Remuneration Report. Where disclosures have been performance of their duties, including travel expenses. audited, they are indicated as such. The Auditor’s report is · The Company indemnifies its Directors for all costs, included on pages 69 to 76. charges, losses, expenses and liabilities which may be The Director’s Remuneration Policy and level of Directors’ incurred in the discharge of duties as a Director of remuneration are determined by the Nomination & the Company. Remuneration Committee, which is chaired by Gay Collins and comprises all of the Directors. Performance, Service Contracts, Compensation and Loss of Office The Directors’ Remuneration Policy takes into consideration the principles of the UK Corporate · Directors’ remuneration is not subject to any Governance Code and the AIC’s recommendations performance related fee. regarding the application of those principles to · No Director has a service contract. investment companies. · No Director was interested in contracts with the No shareholder views have been sought in setting the Company during the period or subsequently. remuneration policy although any comments received · The terms of appointment provide that a Director may from shareholders are considered. be removed without notice. · Compensation will not be due upon leaving office. ### Remuneration Policy · No Director is entitled to any other monetary payment The Board’s policy is that the remuneration of non- or any assets of the Company. executive Directors should be sufficient to attract Directors of the quality required to run the Company Directors’ & Officers’ liability insurance cover is maintained successfully. The remuneration should also reflect the by the Company on behalf of the Directors. nature of the Directors’ duties, responsibilities, the value of their time spent and be fair and comparable to that of There were no changes to the Directors’ Remuneration other investment trusts that are similar in size, and have Policy during the year nor are there any proposals for similar capital structures and similar investment objectives. changes in the foreseeable future. Appointment Approval of Remuneration Policy and Statement of Voting · The Company only intends to appoint non-executive at Annual General Meeting Directors. The Remuneration Policy was last approved by · All the Directors are non-executive and are appointed shareholders at the Annual General Meeting on 16 May under the terms of letters of appointment. 2023. 97.8% of proxy votes were in favour of the resolution · Under the terms of the Company’s Articles of and 2.2% were against. There were abstentions in respect Association, Directors are subject to election at the first of 712,258 shares. Annual General Meeting after their appointment and are required to retire and be subject to re-election at 60 Dunedin Income Growth Investment Trust PLC A resolution to approve the Remuneration Policy will be Company Performance proposed at the Annual General Meeting to be held on 21 The graph below shows the share price and NAV total May 2026. The Remuneration Policy is reviewed by the returns (assuming all dividends are reinvested) to Board on an annual basis and it is the Board’s intention Ordinary shareholders compared to the total return from that this Remuneration Policy will apply for the three year the FTSE All-Share Index for the ten year period to period ending 31 January 2029. 31 January 2026 (rebased to 100 at 31 January 2016). This Index was chosen for comparison purposes as it is the | Implementation Report | Company’s benchmark used for investment performance | | --- | --- | | Limit on Directors’ Fees | measurement purposes. | | Directors’ fees are set within the limits of the Company’s | 240 | Articles of Association which limit the aggregate fees 220 payable to the Board of Directors per annum. The current limit is £250,000 per annum and may only be increased by 200 Strategic Report Financial Statements Overview Governance General Other Information shareholder resolution. 180 Review of Directors’ Fees 160 The levels of fees at the year end are set out in the table 140 below. Fees are reviewed annually and were most recently changed with effect from 1 February 2025. 120 100 31 January 31 January 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2026 2025 Share price total return NAV total return with debt at market value £ £ FTSE All-Share total return Chairman 45,000 44,000 Spend on Pay Chairman of Audit & Risk 36,250 35,500 As the Company has no employees, the Directors do not Committee consider it appropriate to present a table comparing Director 30,000 29,500 remuneration paid to employees with distributions to shareholders. The total fees paid to Directors are shown below. An additional fee of £2,000 per annum is payable to the Senior Independent Director. Fees Payable (Audited Information) The Nomination & Remuneration Committee carried out a The Directors who served during the year received the review of the level of Directors’ fees during the year. This following emoluments in the form of fees. included consideration of fees paid by comparable Director 2026 2025 investment trusts and the sector as a whole, the £ £ responsibilities and time commitment of the Directors, their skills and experience, and the level of basic fee A David Barron 13,911 44,000 required to attract new Directors of sufficient calibre. Gay Collins 30,000 29,500 Following this review, the Committee concluded that, with effect from 1 February 2026, fees should be increased to A Jasper Judd 11,206 35,500 £47,250 for the Chairman, £38,000 for the Audit & Risk Christine Montgomery 31,382 29,500 Committee Chairman and £31,500 for the other Directors. It was also agreed that an additional fee of £2,000 per B Arun Kumar Sarwal 34,318 - annum should continue to be payable to the Senior Howard Williams 40,981 31,500 Independent Director. There are no further fees to disclose as the Company has no employees, chief Total 161,798 170,000 executive or executive directors. A Retired as a Director on 22 May 2025 B Appointed as a Director on 1 February 2025 Dunedin Income Growth Investment Trust PLC 61 ## Directors’ Remuneration Report ### Continued The above amounts exclude any employers’ national Since the year end Howard Williams and Arun Kumar insurance contributions. All fees are at a fixed rate and Sarwal have acquired, respectively, an additional 204 there is no variable remuneration. Fees are pro-rated Ordinary shares and 70 Ordinary shares through dividend where a change takes place during a financial year. There re-investment plans. There have been no other changes were no payments to third parties included in the fees to the Directors’ interests in the share capital of the referred to in the table above. Company since the year end up to the date of approval of this Report. Annual Percentage Change in Directors’ Remuneration Statement of Voting at Annual General Meeting The table below sets out the annual percentage change in Directors’ fees for the past five years. At the Company’s last Annual General Meeting, held on 22 May 2025, shareholders approved the Directors’ Year ended 31 January: Remuneration Report (excluding the Directors’ Remuneration Policy) in respect of the year ended 31 2026 2025 2024 2023 2022 January 2025. 98.5% of proxy votes were in favour of the Director % % % % % resolution and 1.5% were against. There were abstentions A in respect of 279,665 shares. Gay Collins 1.7 5.4 5.7 7.1 n/a A resolution to receive, adopt and approve the Directors’ Christine 6.4 5.4 5.7 7.1 3.1 B Remuneration Report (excluding the Directors’ Montgomery Remuneration Policy) in respect of the year ended C Arun Kumar Sarwal 16.3 - - - - 31 January 2026 will be proposed at the Annual | | D | General Meeting. | | --- | --- | --- | | Howard Williams | 30.1 5.0 5.3 6.5 8.1 | | | A Pro-rated from date of appointed on 1 July 2021 | | | ### Annual Statement B Appointed Senior Independent Director on 22 May 2025 C Pro-rated from date of appointed on 1 February 2025. Appointed Chairman of the On behalf of the Board and in accordance with Part 2 of Audit & Risk Committee on 22 May 2025 Schedule 8 of the Large and Medium-sized Companies D Appointed Senior Independent Director on 16 July 2020 and Chairman on 22 May and Groups (Accounts and Reports) (Amendment) 2025 Regulations 2013, it is confirmed that the above Remuneration Report summarises, as applicable, for the Directors’ Interests in the Company year to 31 January 2026: The Directors are not required to have a shareholding in · the major decisions on Directors’ remuneration; the Company. The Directors (including their connected · any substantial changes relating to Directors’ persons) at 31 January 2026 and 31 January 2025 had no remuneration made during the year; and interest in the share capital of the Company other than | those interests, all of which are beneficial, shown in the | | | | | · the context in which the changes occurred and | | --- | --- | --- | --- | --- | --- | | following table. | | | | | decisions have been taken. | | | 31 January | | 31 January | | On behalf of the Board | | | | 2026 | | 2025 | Howard Williams | | | Ordinary | | Ordinary | | Chairman | | | | shares | | shares | 8 April 2026 | A David Barron 21,977 21,977 Gay Collins 3,032 3,032 A Jasper Judd 5,000 5,000 Christine Montgomery 5,000 5,000 Arun Kumar Sarwal 5,026 - Howard Williams 14,242 13,556 A At date of retirement on 22 May 2025 62 Dunedin Income Growth Investment Trust PLC ## Audit & Risk Committee’s Report The Audit & Risk Committee presents its Report for the · to develop and implement policy on the engagement of year ended 31 January 2026. the Auditor to supply non-audit services. Non-audit fees paid to the Auditor during the year under review ### Committee Composition amounted to £nil (2025: £nil). All non-audit services must Throughout the year the Audit & Risk Committee be approved in advance by the Audit & Risk Committee consisted of all the Directors except for the Chairman of and will be reviewed in the light of statutory the Board. Since 22 May 2025, the Committee has been requirements and the need to maintain the Auditor’s chaired by Arun Kumar Sarwal who is a Chartered independence; Accountant and has recent and relevant financial · to review a statement from the Aberdeen Group experience. The Board is satisfied that the Committee as a detailing the arrangements in place within the group whole has competence relevant to the investment trust whereby staff may, in confidence, escalate concerns sector. about possible improprieties in matters of financial reporting or other matters; Strategic Report Financial Statements Overview Governance General Other Information ### Functions of the Audit & Risk Committee · to make recommendations in relation to the The principal role of the Audit & Risk Committee is to assist appointment of the Auditor and to approve the the Board in relation to the reporting of financial remuneration and terms of engagement of the information, the review of financial controls and the Auditor; and management of risk. The Committee has defined terms of · to monitor and review the Auditor’s independence, reference which are reviewed and re-assessed for their objectivity, effectiveness, resources and qualification. adequacy on at least an annual basis. Copies of the terms of reference are published on the Company’s website and · to report to the Board on how it has discharged its are available from the Company on request. responsibilities. The Committee’s main functions are listed below: ### Activities During the Year · to review and monitor the risk management and The Audit & Risk Committee met twice during the year internal control framework on which the Company is when, amongst other things, it considered the Annual reliant (the Directors’ statement on the Company’s Report and the Half-Yearly Financial Report in detail. internal controls and risk management is set out below); Representatives of the Aberdeen Group’s internal audit, · to consider whether there is a need for the Company to risk and compliance departments reported to the have its own internal audit function; Committee at these meetings on matters such as internal control systems, risk management and the conduct of the · to monitor the integrity of the half-yearly and annual business in the context of its regulatory environment. financial statements of the Company by reviewing, and challenging where necessary, the actions and ### Internal Controls and Risk Management judgements of the Manager; There is an ongoing process for identifying, evaluating and · to review, and report to the Board on, the significant managing the Company’s significant business and financial reporting issues and judgements made in operational risks, that has been in place for the year connection with the preparation of the Company’s ended 31 January 2026 and up to the date of approval of financial statements, half-yearly financial reports, the Annual Report, is regularly reviewed by the Board and announcements and related formal statements; accords with the FRC’s guidance on internal controls. · to review the content of the Annual Report and advise The Board has overall responsibility for ensuring that there the Board on whether, taken as a whole, it is fair, is a system of internal controls in place and a process for balanced and understandable and provides the reviewing its effectiveness. Any system of internal control information necessary for shareholders to assess the is designed to manage rather than eliminate the risk of Company’s position and performance, business model failure to achieve business objectives and can only provide and strategy; reasonable and not absolute assurance against material · to meet with the Auditor to review the proposed audit misstatement or loss. programme of work and the findings of the Auditor. The Committee shall also use this as an opportunity to assess the effectiveness of the audit process; Dunedin Income Growth Investment Trust PLC 63 ## Audit & Risk Committee’s Report ### Continued The design, implementation and maintenance of controls performance statistics and investment valuations, are and procedures to safeguard the assets of the Company regularly submitted to the Board; and to manage its affairs properly extends to financial, · the Manager prepares forecasts and management operational and compliance controls and risk accounts which allow the Board to assess the management. The Board, through the Audit & Risk Company’s activities and review its performance; the Committee, has prepared its own risk register which lists emphasis is on obtaining the relevant degree of potential risks as set out in the Strategic Report on pages assurance and not merely reporting by exception; 37 to 40. The Board considers the potential cause and · as a matter of course the Aberdeen Group’s possible effect of these risks as well as reviewing the compliance department continually reviews the controls in place to mitigate them. Company’s operations; and Clear lines of accountability have been established · at its meeting in March 2026, the Audit & Risk Committee between the Board and the Manager. The Board receives carried out an annual assessment of internal controls for regular reports covering key performance and risk the year ended 31 January 2026 by considering indicators and considers control and compliance issues documentation from the Aberdeen Group, including the brought to its attention. In carrying out its review, the internal audit and compliance functions and taking Board has had regard to the activities of the Aberdeen account of events since 31 January 2026. Group, including its internal audit and compliance The Board has considered the need for an internal audit functions, and the Auditor. function. However, the Company has no employees and The Board has reviewed the Aberdeen Group’s process the day-to-day management of the Company’s assets for identifying and evaluating the significant risks faced by has been delegated to the Aberdeen Group which has its the Company and the policies and procedures by which own compliance and internal control systems. The Board these risks are managed. The Board has also reviewed the has therefore decided to place reliance on those systems effectiveness of the Aberdeen Group’s system of internal and internal audit procedures and has concluded that it is control including its annual internal controls report not necessary for the Company to have its own internal prepared in accordance with the International Auditing audit function. and Assurance Standards Board’s International Standard on Assurances Engagements (“ISAE”) 3402, “Assurance ### Financial Statements and Significant Issues Reports on Controls at a Service Organization”. During its review of the Company’s financial statements Risks are identified and documented through a risk for the year ended 31 January 2026, the Audit & Risk management framework by each function within the Committee considered the following significant issues, in Aberdeen Group’s activities. Risk is considered in the particular those communicated by the Auditor during its context of the FRC’s guidance on internal controls and planning and reporting of the year-end audit: includes financial, regulatory, market, operational and reputational risk. This helps the internal audit risk Valuation and Existence of Investments assessment model identify those functions for review. Any How the issue was addressed - the Company’s weaknesses identified are reported to the Board and investments have been valued in accordance with the timetables are agreed for implementing improvements to accounting policies, as disclosed in note 2 (c) to the systems. The implementation of any remedial action financial statements. All investments are in quoted required is monitored and feedback provided to securities in active markets, are considered to be liquid the Board. and have been categorised as Level 1 within the FRS102 fair value hierarchy. The portfolio holdings and their pricing The key components designed to provide effective is reviewed and verified by the Manager on a regular basis internal control are outlined below: and management accounts, including a full portfolio · written agreements are in place which specifically listing, are prepared for each Board meeting. The define the roles and responsibilities of the Manager and Company uses the services of an independent Depositary other third party service providers; (The Bank of New York Mellon (International) Limited) to · the Board and Manager have agreed clearly defined hold the assets of the Company. The Depositary checks investment criteria, specified levels of authority and the consistency of its records with those of the Manager exposure limits. Reports on these issues, including on a monthly basis and reports to the Board on an annual basis. 64 Dunedin Income Growth Investment Trust PLC Recognition of Investment Income ### Tenure of the Auditor How the issue was addressed - the recognition of Deloitte was initially appointed as the Company’s Auditor investment income is undertaken in accordance with the at the Annual General Meeting on 23 May 2017. In stated accounting policies. In addition, the Directors accordance with current professional guidelines the audit review the Company’s income, revenue forecasts and partner is rotated after no more than five years and the dividend comparisons at each Board meeting. year ended 31 January 2026 is the fourth year for which the present audit partner, Michael Caullay, has served. Maintenance of Investment Trust Status How the issue was addressed - the Company has been The Audit & Risk Committee is satisfied that Deloitte is approved as an investment trust under Sections 1158 and independent and therefore supports the 1159 of the Corporation Tax Act 2010. Ongoing recommendation to the Board that the re-appointment of compliance with the eligibility criteria is monitored on a Deloitte as Auditor of the Company until the conclusion of regular basis by the Manager and reported at each the next Annual General Meeting be put to shareholders Strategic Report Financial Statements Overview Governance General Other Information Board meeting. for approval at the Annual General Meeting. In compliance with the appropriate regulations for the ### Review of the Auditor tendering and rotation of auditors, the next audit tender of The Audit & Risk Committee has reviewed the the Company is due to take place by 2027. effectiveness of the Auditor, Deloitte LLP (“Deloitte”), including: Arun Kumar Sarwal · Independence - the Auditor discusses with the Audit & Chairman of the Audit & Risk Committee Risk Committee, at least annually, the steps it takes to 8 April 2026 ensure its independence and objectivity and makes the Committee aware of any potential issues, explaining all relevant safeguards. · Quality of audit work - including the ability to resolve issues in a timely manner (identified issues are satisfactorily and promptly resolved), its communications/presentation of outputs (the explanation of the audit plan, any deviations from it and the subsequent audit findings are comprehensive and comprehensible), and working relationship with management (the Auditor has a constructive working relationship with the Manager). · Quality of people and service - including continuity and succession plans (the audit team is made up of sufficient, suitably experienced staff with provision made for knowledge of the investment trust sector and rotation of the audit partner). In reviewing the Auditor, the Committee also took into account the FRC’s Audit Quality Inspection Report for Deloitte. Dunedin Income Growth Investment Trust PLC 65 ## Financial Statements 7.5% of the Company’s total assets are invested in the Banks sub-sector (2025: 3.3%). 66 Dunedin Income Growth Investment Trust PLC ### The Company’s net asset value ### (“NAV”) increased by 8.2% on a total ### return basis. The share price total ### return was 13.8%. Dunedin Income Growth Investment Trust PLC 67 ## Statement of Directors’ Responsibilities The Directors are responsible for preparing the Annual The Directors are responsible for the maintenance and Report and the financial statements in accordance with integrity of the corporate and financial information applicable law and regulations. Company law requires included on the Company’s website, but not for the the Directors to prepare financial statements for each content of any information included on the website that financial year. Under that law the Directors have elected has been prepared or issued by third parties. Legislation in to prepare the financial statements in accordance with UK the UK governing the preparation and dissemination of Accounting Standards, including FRS 102 ‘The Financial financial statements may differ from legislation in Reporting Standard Applicable in the UK and Republic other jurisdictions. of Ireland’. The Directors confirm that to the best of their knowledge: Under Company law the Directors must not approve the · the financial statements have been prepared in financial statements unless they are satisfied that they accordance with applicable accounting standards and give a true and fair view of the state of affairs of the give a true and fair view of the assets, liabilities, financial Company and of the profit or loss of the Company for position and profit or loss of the Company; that period. · the Annual Report taken as a whole, is fair, balanced and In preparing these financial statements, the Directors are understandable and it provides the information required to: necessary to assess the Company’s position and performance, business model and strategy; and · select suitable accounting policies and then apply them consistently; · the Strategic Report and Directors’ Report include a fair review of the development and performance of the · make judgments and estimates that are reasonable business and the position of the Company, together with and prudent; a description of the principal risks and uncertainties that · state whether applicable UK Accounting Standards the Company faces. have been followed, subject to any material departures disclosed and explained in the financial statements; and On behalf of the Board · prepare the financial statements on the going concern Howard Williams basis unless it is inappropriate to presume that the Chairman Company will continue in business. 8 April 2026 The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities. Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors’ Report, Directors’ Remuneration Report and Statement of Corporate Governance that comply with that law and those regulations. 68 Dunedin Income Growth Investment Trust PLC # Independent Auditor's Report to Dunedin Income Growth Investment Trust PLC ## Report on the Audit of the Financial Statements ### 1. Opinion In our opinion the financial statements of Dunedin Income Growth Investment Trust PLC (the "Company"): - give a true and fair view of the state of the Company's affairs as at 31 January 2026 and of its return for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Statement of Recommended Practice issued by the Association of Investment Companies in July 2022 'Financial Statements of Investment Trust Companies and Venture Capital Trusts'; and - have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements which comprise: - the Statement of Comprehensive Income; - the Statement of Financial Position; - the Statement of Changes in Equity; - the Statement of Cash Flows; and - the related notes 1 to 22. The financial reporting framework that has been applied in their preparation is applicable law, United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)' ("FRS 102") and the Statement of Recommended Practice issued by the Association of Investment Companies in July 2022 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ("SORP"). ### 2. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (the "FRC's") Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We confirm that we have not provided any non-audit services prohibited by the FRC's Ethical Standard to the Company. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ### 3. Summary of Our Audit Approach | **Key audit matters** | The key audit matter that we identified in the current year was: - Valuation and existence of listed investments. | | --- | --- | | **Materiality** | The materiality that we used in the current year was £3.9 million (2025: £4.3 million) which was determined on the basis of 1% of net assets as at 31 January 2026. | | **Scoping** | Audit work to respond to the risks of material misstatement was performed directly by the audit engagement team. | | **Significant changes in our approach** | There were no significant changes in our approach in the current year. | Dunedin Income Growth Investment Trust PLC 69 ## Independent Auditor’s Report to Dunedin Income Growth ## Investment Trust PLC ### Continued ### 4. Conclusions Relating to Going Concern In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Company’s ability to continue to adopt the going concern basis of accounting included: · obtaining an understanding of management’s process for evaluating the Company’s ability to continue as a going concern; · reviewing the output of management's assessment of the Company's ability to remain an investment trust; · assessing the performance and position of the Company, including its cash position, dividend income and management fee expenses; · assessing whether the Company has complied with the covenant tests for its borrowings facilities in order to assess the continued availability of those facilities; · assessing the risks to the investment portfolio of market altering factors such as inflation and increased interest rates, by looking at the Company’s operational impact and business continuity plans; · assessing the Company’s ability to cover its expenses for the 12 month period from the date of signing the financial statements, including the ability of the Company to exit underperforming investments, if needed; and · assessing the appropriateness of the disclosures in the financial statements relating to going concern. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. In relation to the reporting on how the Company has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. ### 5. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 5.1 Valuation and Existence of Listed Investments Key audit matter As an investment entity, the Company holds listed investments of £435.2 million as at 31 January 2026 description (2025: £472.7 million). These represent the most quantitatively significant financial statement line on the Statement of Financial Position. There is a risk that investments may not be valued correctly or may not represent the property of the Company. This may result in a material misstatement within the investments held at fair value through profit or loss and we consider that there is a potential area for fraud since investment return is a key performance indicator for the Company. Refer to note 2 (c) to the financial statements for the accounting policy on investments and details of the investments are disclosed in note 10 to the financial statements. The valuation and existence of listed 70 Dunedin Income Growth Investment Trust PLC investments has been included in the Audit & Risk Committee’s Report on page 64 as a significant reporting matter. How the scope of our We performed the following procedures to address the valuation and existence of the listed audit responded to the investment portfolio: key audit matter · we tested the relevant controls over the valuation and existence of listed investments; · we independently valued 100% of the investment portfolio to the closing bid prices published by an independent pricing source; · we confirmed the existence of 100% of investments at the year-end date by obtaining independent third-party confirmations directly from the Custodian; and · we assessed the completeness and appropriateness of disclosures in relation to fair value measurement Strategic Report Financial Statements Overview Governance General Other Information and liquidity risk. Key observations Based on the work performed, we concluded that the valuation and existence of listed investments was appropriate. ### 6. Our Application of Materiality 6.1 Materiality We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and in evaluating the results of our work. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: Materiality £3.9 million (2025: £4.3 million) Basis for determining materiality 1% (2025: 1%) of net assets Rationale for the benchmark applied Net assets have been chosen as this is considered the most relevant benchmark for investors and is a key driver of shareholder value Net assets: £393.5m Materiality: £3.9m Net Assets Materiality Audit & Risk Committee reporting threshold £0.2m Dunedin Income Growth Investment Trust PLC 71 ## Independent Auditor’s Report to Dunedin Income Growth ## Investment Trust PLC ### Continued 6.2 Performance Materiality We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and undetected misstatements exceed the materiality for the financial statements as a whole. Performance materiality was set at 70% of materiality for the 2026 audit (2025: 70%). In determining performance materiality, we considered the following factors: a) there have been no significant changes in the business structure and operations; b) our experience from previous audits has indicated a low number of corrected and uncorrected misstatements identified in prior periods; and c) the quality of the control environment. 6.3 Error Reporting Threshold We agreed with the Audit & Risk Committee that we would report to the Committee all audit differences in excess of £0.2 million (2025: £0.2 million), as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the Audit & Risk Committee on disclosure matters that we identified when assessing the overall presentation of the financial statements. ### 7. An Overview of the Scope of our Audit 7.1 Scoping Our audit was scoped by obtaining an understanding of the Company and its environment, including internal control and assessing the risks of material misstatement. Audit work to respond to the risks of material misstatement was performed directly by the audit engagement team. 7.2 Our Consideration of the Control Environment In assessing the Company’s control environment, we considered controls in place at the Company’s service organisation, BNP Paribas, which acts as administrator. As part of this we evaluated the System and Organisation Controls (SOC 1) Report of BNP Paribas which covers the period from 1 October 2024 to 30 September 2025. We evaluated the SOC 1 report in respect of general IT controls and the relevant controls over the process around the valuation and existence of investments. We have obtained a bridging letter to cover the four month period between the date of the controls report and the date of the Annual Report. Furthermore, we have performed additional procedures on the bridging period where we have tested controls in relation to valuation and existence of investments. We also obtain an understanding of relevant controls over the financial reporting process and the posting of journal entries and other adjustments made in the preparation of financial statements. 7.3 Our Consideration of Climate-Related Risks In planning our audit, we have considered the potential impact of climate change on the Company’s business and its financial statements. The Company continues to develop its assessment of the potential impacts of environmental, social and governance (“ESG”) on the Company, including climate change, as outlined on pages 32 to 34. As part of our audit, we held discussions with management to understand the process of identifying climate-related risks, management’s determination of mitigating actions and the impact on the Company’s financial statements. We performed our own qualitative risk assessment of the potential impact of climate change on the Company’s account balances and classes of transactions. We have read the disclosures in relation to climate change made in the other information within the Annual Report to ascertain whether the disclosures are materially consistent with the financial statements and our knowledge from our audit. 72 Dunedin Income Growth Investment Trust PLC ### 8. Other Information The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor’s report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report Strategic Report Financial Statements Overview Governance General Other Information that fact. We have nothing to report in this regard. ### 9. Responsibilities of the Directors As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. ### 10. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s report. ### 11. Extent to which the Audit was Considered Capable of Detecting Irregularities, ### Including Fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Dunedin Income Growth Investment Trust PLC 73 ## Independent Auditor’s Report to Dunedin Income Growth ## Investment Trust PLC ### Continued 11.1 Identifying and Assessing Potential Risks Related to Irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following: · the nature of the industry and sector, control environment and business performance including the design of the Company’s remuneration policies, key drivers for remuneration, bonus levels and performance targets; · results of our enquiries of management, the Directors and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, including those that are specific to the Company’s sector; · any matters we identified having obtained and reviewed the Company’s documentation of its policies and procedures relating to: · identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; · detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; · the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; · the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the valuation and existence of listed investments. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Listing Rules, tax legislation and the Association of Investment Companies’ SORP. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. This included the requirements of the United Kingdom’s Financial Conduct Authority (“FCA”), the Alternative Investment Fund Managers Directive, and the ESG Sourcebook. 11.2 Audit Response to Risks Identified As a result of performing the above, we identified the valuation and existence of listed investments as a key audit matter related to the potential risk of fraud. The Key Audit Matters section of our report explains the matter in more detail and also describes the specific procedures we performed in response to that key audit matter. In addition to the above, our procedures to respond to risks identified included the following: · reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; · enquiring of management and the Audit & Risk Committee concerning actual and potential litigation and claims; · performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; · reading minutes of meetings of those charged with governance; and · in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. 74 Dunedin Income Growth Investment Trust PLC We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. ### Report on Other Legal and Regulatory Requirements ### 12. Opinions on Other Matters Prescribed by the Companies Act 2006 In our opinion the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audit: · the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and Strategic Report Financial Statements Overview Governance General Other Information · the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report or the Directors’ Report. ### 13. Corporate Governance Statement The Listing Rules require us to review the Directors' statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code specified for our review. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements and our knowledge obtained during the audit: · the Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified set out on page 56; · the Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment covers and why the period is appropriate set out on page 41; · the Directors' statement is fair, balanced and understandable as set out on page 68; · the Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 37; · the section of the Annual Report that describes the review of effectiveness of risk management and internal control systems set out on pages 63 to 64; and · the section describing the work of the Audit & Risk Committee set out on pages 63 to 65. ### 14. Matters on Which we are Required to Report by Exception 14.1 Adequacy of Explanations Received and Accounting Records Under the Companies Act 2006 we are required to report to you if, in our opinion: · we have not received all the information and explanations we require for our audit; or · adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or · the financial statements are not in agreement with the accounting records and returns. We have nothing to report in respect of these matters. Dunedin Income Growth Investment Trust PLC 75 # Independent Auditor's Report to Dunedin Income Growth Investment Trust PLC ## Continued ### 14.2 Directors' Remuneration Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of Directors' remuneration have not been made or the part of the Directors' Remuneration Report to be audited is not in agreement with the accounting records and returns. We have nothing to report in respect of these matters. ### 15. Other Matters Which we Are Required to Address #### 15.1 Auditor Tenure Following the recommendation of the Audit & Risk Committee, we were appointed by shareholders at the Annual General Meeting on 23 May 2017 to audit the financial statements for the period ending 31 January 2018 and subsequent financial periods. The period of total uninterrupted engagement including previous renewals and reappointments of the firm is eight years, covering the years ending 31 January 2018 to 31 January 2025. We were re-appointed as part of the Annual General Meeting on 22 May 2025. #### 15.2 Consistency of the Audit Report with the Additional Report to the Audit & Risk Committee Our audit opinion is consistent with the additional report to the Audit & Risk Committee we are required to provide in accordance with ISAs (UK). ### 16. Use of Our Report This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. **Michael Caullay (Senior Statutory Auditor)** For and on behalf of Deloitte LLP Statutory Auditor Glasgow United Kingdom 8 April 2026 76 Dunedin Income Growth Investment Trust PLC # Statement of Comprehensive Income | | Notes | Year ended 31 January 2026 | | | Year ended 31 January 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Gains on investments | 10 | - | 13,321 | 13,321 | - | 16,405 | 16,405 | | Foreign currency (losses)/gains | | - | (698) | (698) | - | 175 | 175 | | Income | 3 | 20,013 | - | 20,013 | 22,550 | - | 22,550 | | Investment management fee | 4 | (641) | (961) | (1,602) | (691) | (1,036) | (1,727) | | Administrative expenses | 5 | (725) | - | (725) | (898) | - | (898) | | **Net return before finance costs and taxation** | | **18,647** | **11,662** | **30,309** | **20,961** | **15,544** | **36,505** | | Finance costs | 6 | (740) | (1,110) | (1,850) | (827) | (1,240) | (2,067) | | **Return before taxation** | | **17,907** | **10,552** | **28,459** | **20,134** | **14,304** | **34,438** | | Taxation | 7 | (685) | - | (685) | (510) | - | (510) | | **Return after taxation** | | **17,222** | **10,552** | **27,774** | **19,624** | **14,304** | **33,928** | | **Basic and diluted return per Ordinary share (pence)** | 9 | **13.64** | **8.36** | **22.00** | **13.82** | **10.08** | **23.90** | The column of this statement headed 'Total' represents the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. The accompanying notes are an integral part of the financial statements. Dunedin Income Growth Investment Trust PLC 77 Table 1 Table 2 Table 3 Table 4 Table 5 Table 6 # Statement of Financial Position | | Notes | As at 31 January 2026 £'000 | As at 31 January 2025 £'000 | | --- | --- | --- | --- | | **Non-current assets** | | | | | Investments at fair value through profit or loss | 10 | 435,150 | 472,652 | | **Current assets** | | | | | Debtors | 11 | 3,605 | 3,292 | | Cash and cash equivalents | | 4,777 | 2,329 | | | | 8,382 | 5,621 | | **Creditors: amounts falling due within one year** | | | | | Bank loan | 12 | (19,593) | (18,907) | | Other creditors | 12 | (653) | (1,086) | | | | (20,246) | (19,993) | | **Net current liabilities** | | **(11,864)** | **(14,372)** | | **Total assets less current liabilities** | | **423,286** | **455,280** | | **Creditors: amounts falling due after more than one year** | 13 | **(29,760)** | **(29,752)** | | **Net assets** | | **393,526** | **428,528** | | **Capital and reserves** | | | | | Called-up share capital | 14 | 38,419 | 38,419 | | Share premium account | | 4,908 | 4,908 | | Capital redemption reserve | | 1,606 | 1,606 | | Capital reserve | | 327,027 | 359,775 | | Revenue reserve | 16 | 21,566 | 23,820 | | **Equity shareholders' funds** | | **393,526** | **428,528** | | **Net asset value per Ordinary share (pence)** | 17 | **327.40** | **317.55** | The financial statements were approved and authorised for issue by the Board of Directors on 8 April 2026 and were signed on its behalf by: **Howard Williams** Director Company Number: SC000881 The accompanying notes are an integral part of the financial statements. 78 Dunedin Income Growth Investment Trust PLC # Statement of Changes in Equity ## For the year ended 31 January 2026 | | Notes | Share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Capital reserve £'000 | Revenue reserve £'000 | Total £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | | Balance at 31 January 2025 | | 38,419 | 4,908 | 1,606 | 359,775 | 23,820 | 428,528 | | Return after taxation | | - | - | - | 10,552 | 17,222 | 27,774 | | Repurchase of shares for Treasury | | - | - | - | (43,300) | - | (43,300) | | Dividends paid | 8 | - | - | - | - | (19,476) | (19,476) | | **Balance at 31 January 2026** | | **38,419** | **4,908** | **1,606** | **327,027** | **21,566** | **393,526** | ## For the year ended 31 January 2025 | | Notes | Share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Capital reserve £'000 | Revenue reserve £'000 | Total £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | | Balance at 31 January 2024 | | 38,419 | 4,908 | 1,606 | 376,996 | 23,886 | 445,815 | | Return after taxation | | - | - | - | 14,304 | 19,624 | 33,928 | | Repurchase of shares for Treasury | | - | - | - | (31,525) | - | (31,525) | | Dividends paid | 8 | - | - | - | - | (19,690) | (19,690) | | **Balance at 31 January 2025** | | **38,419** | **4,908** | **1,606** | **359,775** | **23,820** | **428,528** | The Revenue reserve and the part of the Capital reserve represented by realised capital gains represent the amount of the Company's reserves distributable by way of dividend. The accompanying notes are an integral part of the financial statements. Dunedin Income Growth Investment Trust PLC 79 # Statement of Cash Flows | | Notes | Year ended 31 January 2026 £'000 | Year ended 31 January 2025 £'000 | | --- | --- | --- | --- | | **Operating activities** | | | | | Net return before finance costs and taxation | | 30,309 | 36,505 | | Adjustment for: | | | | | Gains on investments | | (13,321) | (16,405) | | Currency losses/(gains) | | 698 | (175) | | Decrease in accrued dividend income | | 11 | 116 | | Decrease/(increase) in other debtors excluding tax | | 14 | (20) | | Decrease in other creditors | | (32) | (226) | | Overseas withholding tax | | (1,023) | (970) | | **Net cash flow from operating activities** | | **16,656** | **18,825** | | **Investing activities** | | | | | Purchases of investments | | (135,747) | (115,323) | | Sales of investments | | 186,570 | 133,163 | | **Net cash from investing activities** | | **50,823** | **17,840** | | **Financing activities** | | | | | Interest paid | | (1,865) | (2,007) | | Dividends paid | 8 | (19,476) | (19,710) | | Buyback of Ordinary shares for treasury | | (43,678) | (31,261) | | Drawdown of Loan | | - | 5,856 | | **Net cash used in financing activities** | | **(65,019)** | **(47,122)** | | **Increase/(decrease) in cash and cash equivalents** | | **2,460** | **(10,457)** | | **Analysis of changes in cash and cash equivalents during the year** | | | | | Opening balance | | 2,329 | 12,868 | | Effect of exchange rate fluctuations on cash held | | (12) | (82) | | Increase/(decrease) in cash as above | | 2,460 | (10,457) | | **Closing balance** | | **4,777** | **2,329** | The accompanying notes are an integral part of the financial statements. A reconciliation of the changes in net debt can be found in note 18 on page 93. 80 Dured in Income Growth Investment Trust PLC ## Notes to the Financial Statements ### For the year ended 31 January 2026 ### 1. Principal activity The Company is a closed-end investment company, registered in Scotland No. SC000881, with its Ordinary shares being listed on the London Stock Exchange. ### 2. Accounting policies (a) Basis of preparation and going concern. The financial statements have been prepared under the historical cost convention, except for the revaluation of financial instruments held at fair value through profit or loss. The financial statements have been prepared in accordance with Financial Reporting Standard 102, the requirements of the Companies Act 2006 and with the AIC (“Association of Investment Companies”) Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ issued in July 2022. The financial Strategic Report Financial Statements Overview Governance General Other Information statements are prepared in sterling which is the functional currency of the Company and rounded to the nearest £’000. They have also been prepared on the assumption that approval as an investment trust will continue to be granted. The Company’s assets consist mainly of equity shares in companies listed on the London Stock Exchange and in most circumstances are considered to be realisable within a short timescale. The Board has set limits for borrowing and derivative contract positions and regularly reviews actual exposures, cash flow projections and compliance with loan covenants. The Directors have considered the fact that Company’s investments comprise readily realisable securities which can be sold to meet funding requirements if necessary. The Directors have also performed stress testing on the portfolio and the loan financial covenants. Having taken these matters into account, the Directors believe that the Company has adequate financial resources to continue in operational existence for the foreseeable future and for at least twelve months from the date of this Report. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements. Critical accounting judgements and key sources of estimation uncertainty. The preparation of financial statements requires the use of certain significant accounting judgements, estimates and assumptions which requires management to exercise its judgement in the process of applying the accounting policies which are continually evaluated. The Board considers that there are no accounting judgements, estimates and assumptions which would significantly impact the financial statements. (b) Revenue, expenses and interest payable. Income from equity investments (other than special dividends), including taxes deducted at source, is included in revenue by reference to the date on which the investment is quoted ex-dividend. Special dividends are credited to revenue or capital according to the circumstances. Foreign income is converted at the exchange rate applicable at the time of receipt. Interest receivable on short term deposits and expenses are accounted for on an accruals basis. Income from underwriting commission is recognised as earned. Interest payable is calculated on an effective yield basis. Stock lending income is recognised on an accruals basis. Underwriting commission is taken to revenue, unless any shares underwritten are required to be taken up, in which case the proportionate commission received is deducted from the cost of the investment. Expenses are charged to capital when they are incurred in connection with the maintenance or enhancement of the value of investments. In this respect, the investment management fee and relevant finance costs, including the amortisation of expenses, are allocated between revenue and capital in line with the Board’s expectation of returns from the Company’s investments over the long-term of 40% to revenue and 60% to capital. Dunedin Income Growth Investment Trust PLC 81 ## Notes to the Financial Statements ### Continued (c) Investments. Investments have been designated upon initial recognition as fair value through profit or loss. Investments are recognised and de-recognised at trade date where a purchase or sale is under a contract whose terms require delivery within the timeframe established by the market concerned, and are measured initially at fair value. Subsequent to initial recognition, investments are recognised at fair value through profit or loss. For listed investments, this is deemed to be bid market prices or closing prices for SETS stocks sourced from the London Stock Exchange. SETS is the London Stock Exchange electronic trading service covering most of the market including all FTSE All-Share and the most liquid AIM constituents. Gains or losses arising from changes in fair value are included in net profit or loss for the period as a capital item in the Statement of Comprehensive Income. (d) Dividends payable. Final dividends payable to equity shareholders are recognised in the financial statements when they have been approved by Shareholders and become a liability of the Company. Interim dividends are recognised in the financial statements in the period in which they are paid. (e) Nature and purpose of reserves Called-up share capital. The Ordinary share capital on the Statement of Financial Position relates to the number of shares in issue and in treasury. Only when the shares are cancelled, either from treasury or directly, is a transfer made to the capital redemption reserve. Share premium account. The balance classified as share premium includes the premium above the nominal value from the proceeds on issue of any equity share capital comprising Ordinary shares of 25p. Capital redemption reserve. The capital redemption reserve is used to record the amount equivalent to the nominal value of any of the Company’s own shares purchased and cancelled in order to maintain the Company’s capital. Capital reserve. Gains or losses on the disposal of investments and changes in the fair values of investments are transferred to the capital reserve. The capital element of the management fee and relevant finance costs are charged to this reserve. Any associated tax relief is also credited to this reserve. Certain other items including gains or losses on foreign currency and special dividends are also allocated to this reserve as appropriate. The part of this reserve represented by realised capital gains is available for distribution by way of dividend. The costs of share buybacks to be held in treasury are also deducted from this reserve. Revenue reserve. Income and expenses which are recognised in the revenue column of the Statement of Comprehensive Income are transferred to the revenue reserve. The revenue reserve is available for distribution by way of dividend. (f) Taxation. The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Owing to the Company’s status as an investment trust, and the intention to continue meeting the conditions required to obtain approval in the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments. (g) Foreign currency. Monetary assets and liabilities and non-monetary assets held at fair value denominated in foreign currencies are converted into sterling at the rate of exchange ruling at the reporting date. Transactions during the year involving foreign currencies are converted at the rate of exchange ruling at the transaction date. Gains or losses arising from a change in exchange rates subsequent to the date of a transaction are included as a currency gain or loss in revenue or capital in the Statement of Comprehensive Income, depending on whether the gain or loss is of a revenue or capital nature. The Company receives a proportion of its investment income in foreign currency. These amounts are translated at the rate ruling on the date of receipt. 82 Dunedin Income Growth Investment Trust PLC (h) **Traded options.** The Company may enter into certain derivative contracts (e.g. options). Option contracts are accounted for as separate derivative contracts and are therefore shown in other assets or other liabilities at their fair value. The initial fair value is based on the initial premium, which is recognised upfront. The premium received and fair value changes in the open position which occur due to the movement in underlying securities are recognised in the revenue column, losses realised on the exercise of the contracts are recorded in the capital column of the Statement of Comprehensive Income. In addition, the Company may enter into derivative contracts to manage market risk and gains or losses arising on such contracts are recorded in the capital column of the Statement of Comprehensive Income. (i) **Borrowings.** Borrowings are measured initially at the fair value of the consideration received, net of any issue expenses, and subsequently at amortised cost using the effective interest method. The finance costs of such borrowings are accounted for on an accrual basis using the effective interest rate method and are charged 40% to revenue and 60% to capital in the Statement of Comprehensive Income to reflect the Company's investment policy and prospective income and capital growth. (j) **Treasury shares.** When the Company purchases the Company's equity share capital to be held as treasury shares, the amount of the consideration paid, which includes directly attributable costs, is net of any tax effects, and is recognised as a deduction from the capital reserve. When these shares are sold subsequently, the amount received is recognised as an increase in equity, and any resulting surplus on the transaction is transferred to the share premium account and any resulting deficit is transferred from the capital reserve. ### 3. Income | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | **Income from investments** | | | | UK dividend income | 12,731 | 13,458 | | Overseas dividends | 5,505 | 6,623 | | | 18,236 | 20,081 | #### Other income | Income on derivatives | 1,736 | 2,390 | | --- | --- | --- | | Deposit Interest | 4 | 36 | | Other income | 37 | 43 | | | 1,777 | 2,469 | | **Total income** | **20,013** | **22,550** | During the year, the Company earned premiums totalling £1,736,000 (2025 - £2,390,000) in exchange for entering into derivative transactions. The Company had no open positions in derivative contracts at 31 January 2026 (2025 - no open positions). Losses realised on the exercise of derivative transactions are disclosed in note 10. Dunedin Income Growth Investment Trust PLC 83 # Notes to the Financial Statements Continued ## 4. Management fee | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Management fee | 641 | 961 | 1,602 | 691 | 1,036 | 1,727 | The Company has an agreement with a brand Fund Managers Limited ("aFML") for the provision of investment management, risk management, accounting, administrative and secretarial services. The management fee is calculated and charged, on a monthly basis, at 0.45% per annum on the first £225 million, 0.35% per annum on the next £200 million and 0.25% per annum on amounts over £425 million of the net assets of the Company, with debt at par and excluding commonly managed funds. The balance due at the year end was £261,000 (2025 – £274,000). The management fee is allocated 40% to revenue and 60% to capital. There were no commonly managed funds held in the portfolio during the year to 31 January 2026 (2025 – none). The management agreement may be terminated by either party on six months' written notice. ## 5. Administrative expenses | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Directors' fees | 162 | 170 | | Auditor's remuneration (excluding VAT): | | | | – fees payable to the Company's Auditor for the audit of the Company's annual accounts | 43 | 39 | | Irrecoverable VAT | 36 | 58 | | Promotional activities | 226 | 200 | | Registrar's fees | 57 | 53 | | Other expenses | 281 | 378 | | | 725 | 898 | Expenses of £226,000 (2025 – £200,000) were paid to aFML in respect of the promotional activities of the Company. The balance outstanding at the year end was £75,000 (2025 – £17,000). 84 Dured in Income Growth Investment Trust PLC ## 6. Finance costs | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Bank loan | 258 | 387 | 645 | 343 | 516 | 859 | | Loan Notes - repayable after more than five years | 479 | 718 | 1,197 | 480 | 720 | 1,200 | | Amortised Loan Notes issue expenses | 3 | 5 | 8 | 3 | 4 | 7 | | Bank overdraft | - | - | - | 1 | - | 1 | | | 740 | 1,110 | 1,850 | 827 | 1,240 | 2,067 | Finance costs (excluding bank overdraft interest) are allocated 40% to revenue and 80% to capital. ## 7. Taxation | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | **(a) Analysis of charge for the year** | | | | | | | | Overseas tax suffered | 967 | - | 967 | 2,277 | - | 2,277 | | Overseas tax reclaimable | (282) | - | (282) | (1,767) | - | (1,767) | | **Total tax charge for the year** | **685** | **-** | **685** | **510** | **-** | **510** | Dunedin Income Growth Investment Trust PLC 85 # Notes to the Financial Statements Continued (b) Factors affecting the tax charge for the year. The UK corporation tax rate is 25% (2025 - 25%). The tax assessed for the year is lower than the rate of corporation tax. The differences are explained below: | | 2026 | | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | | Return before taxation | 17,907 | 10,552 | 28,459 | 20,134 | 14,304 | 34,438 | | Corporation tax at 25% (2025 - 25%) | 4,477 | 2,638 | 7,115 | 5,034 | 3,576 | 8,610 | | Effects of: | | | | | | | | Non-taxable UK dividend income | (3,070) | - | (3,070) | (3,342) | - | (3,342) | | Capital gains on investments not taxable | - | (3,330) | (3,330) | - | (4,102) | (4,102) | | Expenses not deductible for tax purposes | 4 | - | 4 | - | - | - | | Currency gains not taxable | - | 174 | 174 | - | (43) | (43) | | Overseas taxes | 685 | - | 685 | 510 | - | 510 | | Non-taxable overseas dividends | (1,208) | - | (1,208) | (1,493) | - | (1,493) | | Excess management expenses | (203) | 518 | 315 | (199) | 569 | 370 | | **Total tax charge** | **685** | **-** | **685** | **510** | **-** | **510** | (c) Factors that may affect future tax charges. At the year end, the Company has, for taxation purposes only, accumulated unrelieved management expenses and loan relationship deficits of £138,415,000 (2025 - £137,155,000). A deferred tax asset in respect of this has not been recognised and these unrelieved expenses will only be utilised if the Company has profits chargeable to corporation tax in the future. ## 8. Ordinary dividends on equity shares | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | **Amounts recognised as distributions paid during the year:** | | | | Third interim dividend for 2025 - 3.20p (2024 - 3.20p) | 4,309 | 4,678 | | Final dividend for 2025 - 4.60p (2024 - 4.15p) | 5,944 | 5,996 | | First interim dividend for 2026 - 3.20p (2025 - 3.20p) | 4,057 | 4,569 | | Second interim dividend for 2026 - 4.25p (2025 - 3.20p) | 5,182 | 4,467 | | Return of unclaimed dividends* | (16) | (20) | | | **19,476** | **19,690** | * Unclaimed dividends returned to the Company during the year ended 31 January 2026 have been donated to charity (see note 20). 86 Dunedin Income Growth Investment Trust PLC A third interim dividend of 4.25p per Ordinary share was declared on 11 December 2025, payable on 27 February 2026 to shareholders on the register on 6 February 2026 and has not been included as a liability in these financial statements. The final dividend of 7.4p per Ordinary share was approved by the Board on 8 April 2026, payable on 29 May 2026 to shareholders on the register on 8 May 2026 and has not been included as a liability in the financial statements. The table below sets out the total dividends paid and proposed in respect of the financial year, which is the basis upon which the requirements of Sections 1158–1159 of the Corporation Tax Act 2010 are considered. The net revenue available for distribution by way of dividend for the year is £17,222,000 (2025 – £19,624,000). | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | First interim dividend for 2026 – 3.20p (2025 – 3.20p) | 4,057 | 4,569 | | Second interim dividend for 2026 – 4.25p (2025 – 3.20p) | 5,182 | 4,467 | | Third interim dividend for 2026 – 4.25p (2025 – 3.20p) | 5,104 | 4,309 | | Final dividend for 2026 – 7.40p (2025 – 4.60p) | 8,781 | 5,944 | | | 23,124 | 19,289 | The final dividend is based on the latest share capital of 118,665,838 Ordinary shares excluding those held in treasury. ## 9. Basic and diluted return per Ordinary share | | 2026 | | 2025 | | | --- | --- | --- | --- | --- | | | £'000 | p | £'000 | p | | Revenue return | 17,222 | 13.64 | 19,624 | 13.82 | | Capital return | 10,552 | 8.36 | 14,304 | 10.08 | | **Total return** | **27,774** | **22.00** | **33,928** | **23.90** | | **Weighted average number of Ordinary shares in issue** | | **126,250,861** | | **141,967,627** | Dunedin Income Growth Investment Trust PLC 87 # Notes to the Financial Statements Continued ## 10. Investments at fair value through profit or loss | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Opening book cost | 397,456 | 409,443 | | Investment holdings gains | 75,196 | 64,644 | | Opening fair value | 472,652 | 474,087 | | **Analysis of transactions made during the year** | | | | Purchases | 135,747 | 115,323 | | Sales - proceeds | (186,570) | (133,163) | | Gains on investments | 13,321 | 16,405 | | **Closing fair value** | **435,150** | **472,652** | | Closing book cost | 376,937 | 397,456 | | Closing investment holdings gains | 58,213 | 75,196 | | **Closing fair value** | **435,150** | **472,652** | The Company received £186,570,000 (2025 - £133,163,000) from investments sold in the year. The book cost of these investments when they were purchased was £156,266,000 (2025 - £127,311,000). These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. The realised gains figure above includes losses realised on the exercise of traded options of £1,338,000 (2025 - £563,000). Premiums received of £1,736,000 (2025 - £2,390,000) are included within income per note 3. **Transaction costs.** During the year expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. These have been expensed through capital and are included within gains on investments in the Statement of Comprehensive Income. The total costs were as follows: | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Purchases | 599 | 463 | | Sales | 84 | 82 | | | **683** | **545** | The above transaction costs are calculated in line with the AIC SORP. The transaction costs in the Company's Key Information Document are calculated on a different basis and in line with the PRIIPs regulations. 88 Dured in Income Growth Investment Trust PLC ## 11. Debtors: amounts falling due within one year | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | Net dividends and interest receivable | 443 | 454 | | Tax recoverable | 3,137 | 2,799 | | Other loans and receivables | 25 | 39 | | | **3,605** | **3,292** | ## 12. Creditors: amounts falling due within one year | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | (a) Bank loan | | | | EUR 22,600,000 – 13 February 2025 | – | 18,907 | | EUR 22,600,000 – 23 February 2026 | 19,593 | – | | | **19,593** | **18,907** | The Company has a £30 million multi-currency revolving credit facility ("RCF") with The Bank of America N.A., London Branch committed until 8 August 2027. Under the terms of the facility, subject to the lender's credit approval, the Company has the option to increase the level of the facility from £30 million to £40 million at any time, should further investment opportunities be identified. The RCF is secured by a floating charge over the whole of the assets of the Company. As at 31 January 2026 (£22,600,000 had been drawn down at a rate of 3.03% (2025 – £22,600,000 at a rate of 3.93%), which matured on 23 February 2026. At the date this Report was approved (£22,600,000 had been drawn down at a rate of 2.97%, maturing on 23 April 2026. The terms of the loan facility contain covenants that total net borrowings shall not exceed 33% of the net asset value and that the minimum net assets of the Company are £200 million. | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | (b) Other creditors | | | | Loan Notes and bank loan interest | 197 | 220 | | Amount due to brokers | – | 368 | | Sundry creditors | 456 | 498 | | | **653** | **1,086** | Dunedin Income Growth Investment Trust PLC 89 # Notes to the Financial Statements Continued ## 13. Creditors: amounts falling due after more than one year | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | 3.99% Loan Notes 2045 | 30,000 | 30,000 | | Unamortised Loan Note issue expenses | (240) | (248) | | | 29,760 | 29,752 | The 3.99% Loan Notes were issued in December 2015 and are due to be redeemed at par on 8 December 2045. Interest is payable in half-yearly installments in June and December. The Loan Notes are secured by a floating charge over the whole of the assets of the Company. The Company has complied with the Loan Note Trust Deed covenant that total net borrowings (i.e. after the deduction of cash balances) should not exceed 33% of the Company's net asset value and that the Company's net asset value should not be less than £200 million. The fair value of the Loan Notes as at 31 January 2026 was £23,175,000 (2025 - £23,114,000); the valuation methodology is disclosed in note 19. The effect on the net asset value of deducting the Loan Notes at fair value rather than at par is disclosed in note 17. ## 14. Called-up share capital | | 2026 £'000 | 2025 £'000 | | --- | --- | --- | | **Allotted, called up and fully paid:** | | | | 120,197,609 (2025 - 134,949,033) Ordinary shares of 25p each - equity | 30,049 | 33,737 | | **Treasury shares:** | | | | 33,480,326 (2025 - 18,728,902) Ordinary shares of 25p each - equity | 8,370 | 4,682 | | | 38,419 | 38,419 | The Ordinary share capital on the Statement of Financial Position relates to the number of shares in issue and in treasury. Only when the shares are cancelled, either from treasury or directly, is a transfer made to the capital redemption reserve. During the year the Company repurchased 14,751,424 (2025 - 11,223,856) ordinary shares at a cost of £43,300,000, including expenses (2025 - £31,525,000, including expenses). All of the shares were placed in treasury. Subsequent to the year end the company repurchased a further 1,531,771 Ordinary shares at a total cost of £4,546,000. 90 Dured in Income Growth Investment Trust PLC ## 15. Analysis of changes in financing during the year | | 2026 | | 2025 | | | --- | --- | --- | --- | --- | | | Equity share capital (including premium) £'000 | Loan Notes £'000 | Equity share capital (including premium) £'000 | Loan Notes £'000 | | Opening balance at 31 January 2025 | 43,327 | 29,752 | 43,327 | 29,745 | | Movement in unamortised Loan Notes issue expenses | - | 8 | - | 7 | | Closing balance at 31 January 2026 | 43,327 | 29,760 | 43,327 | 29,752 | ## 16. Revenue reserve per share The following information is presented supplemental to the financial statements to show the Companies Act position at the year end. | | 2026 | 2025 | | --- | --- | --- | | Revenue reserve (£'000) | 21,566 | 23,820 | | Number of Ordinary shares in issue at year end | 120,197,609 | 134,949,033 | | Revenue reserve per Ordinary share (p) | 17.94 | 17.65 | | Less: - third interim dividend (p) | (4.25) | (3.20) | | - final dividend (p) | (7.40) | (4.60) | | Revenue reserve per Ordinary share (p) as per the Companies Act | 6.29 | 9.85 | 1 2 3 4 5 6 Dunedin Income Growth Investment Trust PLC 91 # Notes to the Financial Statements Continued ## 17. Net asset value per share Equity shareholders' funds have been calculated in accordance with the provisions of FRS 102. The analysis of equity shareholders' funds on the face of the Statement of Financial Position does not reflect the rights under the Articles of Association of the Ordinary shareholders on a return of assets. These rights are reflected in the net asset value and the net asset value per share attributable to Ordinary shareholders at the year end, adjusted to reflect the deduction of the Loan Notes at par. A reconciliation between the two sets of figures is as follows: | | 2026 | 2025 | | --- | --- | --- | | Net assets attributable ($'000) | 393,526 | 428,528 | | Number of Ordinary shares in issue at year end^{1} | 120,197,609 | 134,949,033 | | Net asset value per Ordinary share | 327.40p | 317.56p | $^{1}$ Excluding shares held in measure | Adjusted net assets | 2026 | 2025 | | --- | --- | --- | | Net assets attributable ($'000) as above | 393,526 | 428,528 | | Unamortised Loan Note issue expenses (note 13) | (240) | (240) | | Adjusted net assets attributable ($'000) | 393,286 | 428,280 | | Number of Ordinary shares in issue at year end^{1} | 120,197,609 | 134,949,033 | | --- | --- | --- | | Adjusted net asset value per Ordinary share | 327.20p | 317.36p | $^{1}$ Excluding shares held in measure | Net assets - debt at fair value | $'000 | $'000 | | --- | --- | --- | | Net assets attributable | 393,526 | 428,528 | | Amortised cost Loan Notes | 29,760 | 29,752 | | Market value Loan Notes | (23,175) | (23,114) | | Net assets attributable | 400,111 | 435,166 | | Number of Ordinary shares in issue at the period end^{1} | 120,197,609 | 134,949,033 | | --- | --- | --- | | Net asset value per Ordinary share (debt at fair value) | 332.88p | 322.47p | $^{1}$ Excluding shares held in measure 92 Dunedin Income Growth Investment Trust PLC ## 18. Analysis of changes in net debt | | At 31 January 2025 £'000 | Currency differences £'000 | Cash flows £'000 | Non-cash movements £'000 | At 31 January 2026 £'000 | | --- | --- | --- | --- | --- | --- | | Cash and cash equivalents | 2,329 | (12) | 2,460 | - | 4,777 | | Debt due within one year | (18,907) | (686) | - | - | (19,593) | | Debt due after more than one year | (29,752) | - | - | (8) | (29,760) | | | (46,330) | (698) | 2,460 | (8) | (44,576) | | | At 31 January 2024 £'000 | Currency differences £'000 | Cash flows £'000 | Non-cash movements £'000 | At 31 January 2025 £'000 | | --- | --- | --- | --- | --- | --- | | Cash and cash equivalents | 12,868 | (82) | (10,457) | - | 2,329 | | Debt due within one year | (13,307) | 256 | (5,856) | - | (18,907) | | Debt due after more than one year | (29,745) | - | - | (7) | (29,752) | | | (30,184) | 174 | (16,313) | (7) | (46,330) | A statement reconciling the movement in net funds to the net cash flow has not been presented as there are no differences from the above analysis. ## 19. Financial instruments and risk management The Company's investment activities expose it to various types of financial risk associated with the financial instruments and markets in which it invests. The Company's financial instruments comprise securities and other investments, cash balances, loans and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting settlement, and debtors for accrued income. The Company also has the ability to enter into derivative transactions in the form of option contracts for the purpose of generating income and futures/options for hedging market exposures. During the year, the Company entered into certain options contracts for the purpose of generating income. Positions closed during the year realised a loss of £1,338,000 (2025 – £563,000). As disclosed in note 3, the premium received and fair value changes in respect of options written in the year was £1,736,000 (2025 – £2,390,000). The largest position in derivative contracts held during the year at any given time was £872,000 (2025 – £1,028,000). The Company had no open positions in derivative contracts at 31 January 2026 (2025 – none). The Board relies on abrain Fund Manager's Limited ("afML" or the "Manager") for the provision of risk management activities under the terms of its management agreement with afML (further details of which are included under note 4). The Board regularly reviews and agrees policies for managing each of the key financial risks identified with the Manager. The types of risk and the Manager's approach to the management of each type of risk, are summarised below. Such approach has been applied throughout the year and has not changed since the previous accounting period. The numerical disclosures exclude short-term debtors and creditors on the grounds that they are not considered to be material. Dunedin Income Growth Investment Trust PLC 93 ## Notes to the Financial Statements ### Continued The Company’s Manager has an independent Investment Risk department for reviewing the investment risk parameters of all core equity, fixed income and alternative asset classes on a regular basis. The department reports to the Manager’s Performance Review Committee which is chaired by the Manager’s Chief Investment Officer. The department’s responsibility is to review and monitor ex-ante (predicted) portfolio risk and style characteristics using best practice, industry standard multi-factor models. Risk management framework. The directors of aFML collectively assume responsibility for aFML’s obligations under the AIFMD including reviewing investment performance and monitoring the Company’s risk profile during the year. aFML is a fully integrated member of the Aberdeen Group (the “Group”) which provides a variety of services and support to aFML in the conduct of its business activities, including in the oversight of the risk management framework for the Company. aFML has delegated the day to day administration of the investment policy to abrdn Investments Limited, which is responsible for ensuring that the Company is managed within the terms of its investment guidelines and the limits set out in its pre-investment disclosures to investors (details of which can be found on the Company’s website). aFML has retained responsibility for monitoring and oversight of investment performance, product risk and regulatory and operational risk for the Company. The Manager conducts its risk oversight function through the operation of the Group’s risk management processes and systems which are embedded within the Group’s operations. The Group’s Risk Division supports management in the identification and mitigation of risks and provides independent monitoring of the business. The Division includes Compliance, Business Risk, Market Risk, Risk Management and Legal. The team is headed up by the Group’s Chief Risk Officer, who reports to the Chief Executive Officers of the Group. The Risk Division achieves its objective through embedding the Risk Management Framework throughout the organisation using the Group’s operational risk management system (“SHIELD”). The Group’s Internal Audit Department is independent of the Risk Division and reports directly to the Group’s Chief Executive Officers and to the Audit Committee of the Group’s Board of Directors. The Internal Audit Department is responsible for providing an independent assessment of the Group’s control environment. The Group’s corporate governance structure is supported by several committees to assist the board of directors of Aberdeen, its subsidiaries and the Company to fulfil their roles and responsibilities. The Group’s Risk Division is represented on all committees, with the exception of those committees that deal with investment recommendations. The specific goals and guidelines on the functioning of those committees are described on the committees’ terms of reference. Risk Management. The main risks the Company faces from its financial instruments are (i) market risk (comprising interest rate risk, currency risk and other price risk), (ii) liquidity risk and (iii) credit risk. The Board regularly reviews and agrees policies for managing each of these risks. The Group’s policies for managing these risks are summarised below and have been applied throughout the year. The numerical disclosures exclude short-term debtors and creditors, other than for currency disclosures. (i) Market risk. Market risk comprises three elements – interest rate risk, currency risk and price risk. (a) Interest rate risk. Interest rate movements may affect: – the fair value of the investments in fixed interest rate securities; – the level of income receivable on cash deposits; and – interest payable on the Company’s variable rate borrowings. Management of the risk. The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions. 94 Dunedin Income Growth Investment Trust PLC The Board imposes borrowing limits to ensure gearing levels are appropriate to market conditions and reviews these on a regular basis. Borrowings comprise fixed rate, revolving, and uncommitted facilities. Details of borrowings at 31 January 2026 are shown in notes 12 and 13. **Interest risk profile.** The interest rate risk profile of the portfolio of financial assets and liabilities at the Statement of Financial Position date was as follows: | | Weighted average period for which rate is fixed Years | Weighted average interest rate % | Fixed rate £'000 | Floating rate £'000 | | --- | --- | --- | --- | --- | | At 31 January 2026 | | | | | | **Assets** | | | | | | Sterling | - | - | - | 4,777 | | **Total assets** | - | - | - | 4,777 | | **Liabilities** | | | | | | Bank loans | 0.09 | 3.03 | (19,593) | - | | Loan Notes | 19.87 | 3.99 | (29,760) | - | | **Total liabilities** | - | - | (49,353) | - | | | Weighted average period for which rate is fixed Years | Weighted average interest rate % | Fixed rate £'000 | Floating rate £'000 | | --- | --- | --- | --- | --- | | At 31 January 2025 | | | | | | **Assets** | | | | | | Sterling | - | - | - | 2,329 | | **Total assets** | - | - | - | 2,329 | | **Liabilities** | | | | | | Bank loans | 0.08 | 3.93 | (18,907) | - | | Loan Notes | 20.87 | 3.99 | (29,752) | - | | **Total liabilities** | - | - | (48,659) | - | Financial Position Financial Position Financial Position Financial Position Financial Position Financial Position Dunedin Income Growth Investment Trust PLC 95 # Notes to the Financial Statements Continued The weighted average interest rate is based on the current yield of each asset, weighted by its market value. The weighted average interest rate on bank loans is based on the interest rate payable, weighted by the total value of the loans. The maturity dates of the Company's borrowings are shown in notes 12 and 13 to the financial statements. The floating rate assets consist of cash deposits all earning interest at prevailing market rates. The Company's equity portfolio and short-term debtors and creditors (excluding bank loans) have been excluded from the above tables. All financial liabilities are measured at amortised cost. **Interest rate sensitivity.** Movements in interest rates would not significantly affect net assets attributable to the Company's shareholders and total profit. **(b) Foreign currency risk.** A proportion of the Company's investment portfolio is invested in overseas securities whose values are subject to fluctuation due to changes in exchange rates. In addition, the impact of changes in foreign exchange rates upon the profits of investee companies can result, indirectly, in changes in their valuations. Consequently the Statement of Financial Position can be affected by movements in exchange rates. Management of the risk. It is not the Company's policy to hedge this risk on a continuing basis but the Company may, from time to time, match specific overseas investment with foreign currency borrowings. A proportion of the Company's borrowings, as detailed in note 12, is in foreign currency as at 31 January 2026. The revenue account is subject to currency fluctuations arising on dividends received in foreign currencies and, indirectly, due to the impact of foreign exchange rates upon the profits of investee companies. The Company does not hedge this currency risk. Foreign currency risk exposure by currency of denomination: | | 31 January 2026 | | | 31 January 2025 | | | | --- | --- | --- | --- | --- | --- | --- | | | Investments £'000 | Net monetary assets £'000 | Total currency exposure £'000 | Investments £'000 | Net monetary assets £'000 | Total currency exposure £'000 | | Euro | 63,652 | (16,551) | 47,101 | 90,674 | (16,222) | 74,452 | | Danish Krone | - | 68 | 68 | 9,126 | 72 | 9,198 | | Norwegian Krone | - | 12 | 12 | - | 11 | 11 | | Swedish Krona | 8,073 | - | 8,073 | 11,375 | - | 11,375 | | Sterling | 363,425 | (25,153) | 338,272 | 361,477 | (27,985) | 333,492 | | **Total** | **435,150** | **(41,624)** | **393,526** | **472,652** | **(44,124)** | **428,528** | The asset allocation between specific markets can vary from time to time based on the Manager's opinion of the attractiveness of the individual stocks in these markets. **Foreign currency sensitivity.** There is no sensitivity analysis included as the Board believes the amount exposed to foreign currency denominated monetary assets to be immaterial. Where the Company's equity investments (which are non-monetary items) are priced in a foreign currency, they have been included within the other price risk sensitivity analysis so as to show the overall level of exposure. **(c) Price risk.** Price risks (i.e. changes in market prices other than those arising from interest rate or currency risk) may affect the value of the quoted investments and traded options. 96 Dured in Income Growth Investment Trust PLC **Management of the risk.** It is the Board's policy to hold an appropriate spread of investments in the portfolio in order to reduce the risk arising from factors specific to a particular company or sector. Both the allocation of assets and the stock selection process, as detailed on page 30 to 34, act to reduce market risk. The Manager actively monitors market prices throughout the year and reports to the Board, which meets regularly in order to review investment strategy. The investments held by the Company are listed on various stock exchanges in the UK and Europe. **Price risk sensitivity.** If market prices at the Statement of Financial Position date had been 10% higher while all other variables remained constant, the return attributable to Ordinary shareholders for the year ended 31 January 2026 would have increased by £43,515,000 (2025 – increase of £47,265,000) and equity reserves would have increased by the same amount. Had market prices been 10% lower the converse would apply. (ii) **Liquidity risk.** This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities as they fall due in line with the maturity profile analysed below. | | Within 1 year £'000 | Within 1-2 years £'000 | Within 2-3 years £'000 | Within 3-4 years £'000 | Within 4-5 years £'000 | More than 5 years £'000 | Total £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | | At 31 January 2026 | | | | | | | | | Bank loans | 19,593 | - | - | - | - | - | 19,593 | | Loan Notes | - | - | - | - | - | 30,000 | 30,000 | | Interest cash flows on bank loans and loan notes | 1,248 | 1,197 | 1,197 | 1,197 | 1,197 | 17,955 | 23,991 | | Cash flows on other creditors | 456 | - | - | - | - | - | 456 | | | 21,297 | 1,197 | 1,197 | 1,197 | 1,197 | 47,955 | 74,040 | | | Within 1 year £'000 | Within 1-2 years £'000 | Within 2-3 years £'000 | Within 3-4 years £'000 | Within 4-5 years £'000 | More than 5 years £'000 | Total £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | | At 31 January 2025 | | | | | | | | | Bank loans | 18,907 | - | - | - | - | - | 18,907 | | Loan Notes | - | - | - | - | - | 30,000 | 30,000 | | Interest cash flows on bank loans and loan notes | 1,259 | 1,197 | 1,197 | 1,197 | 1,197 | 19,152 | 25,199 | | Cash flows on other creditors | 866 | - | - | - | - | - | 866 | | | 21,032 | 1,197 | 1,197 | 1,197 | 1,197 | 49,152 | 74,972 | **Management of the risk.** The Board imposes borrowing limits to ensure gearing levels are appropriate to market conditions and reviews these on a regular basis. Borrowings comprise Loan Notes and a revolving facility. The Loan Notes provide secure long-term funding while short term flexibility is achieved through the borrowing facility. It is the Board's policy to maintain a gearing level, measured on the most stringent basis of calculation after netting off cash equivalents, of less than 30% at all times. Details of borrowings at 31 January 2026 are shown in notes 12 and 13. Dunedin Income Growth Investment Trust PLC 97 1.1 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 # Notes to the Financial Statements Continued Liquidity risk is not considered to be significant as the Company's assets comprise mainly cash and listed securities, which can be sold to meet funding commitments if necessary. Short-term flexibility is achieved through the use of loan and overdraft facilities, details of which can be found in note 12. Under the terms of the loan facility, the Manager provides the lender with loan covenant reports on a monthly basis, to provide the lender with assurance that the terms of the facility are not being breached. The Manager will also review the credit rating of a lender on a regular basis. Details of the Board's policy on gearing are shown in the interest rate risk section of this note. **Liquidity risk exposure.** At 31 January 2026 and 31 January 2025 the amortised cost of the Company's Loan Notes was £29,760,000 and £29,752,000 respectively. At 31 January 2026 and 31 January 2025 the Company's bank loans amounted to £19,593,000 and £18,907,000 respectively. The facility is committed until 8 August 2027. **(iii) Credit risk.** This is failure of the counterparty to a transaction to discharge its obligations under that transaction that could result in the Company suffering a loss. **Management of the risk.** Investment transactions are carried out with a large number of brokers, whose credit standing is reviewed periodically by the Manager, and limits are set on the amount that may be due from any one broker: - the risk of counterparty exposure due to failed trades causing a loss to the Company is mitigated by the review of failed trade reports on a daily basis. In addition, both stock and cash reconciliations to the Custodians' records are performed on a daily basis to ensure discrepancies are investigated on a timely basis. The Group's Compliance department carries out periodic reviews of the custodian's operations and reports its finding to the Aberdeen Group's Risk Management Committee. This review will also include checks on the maintenance and security of investments held; - cash is held only with reputable banks whose credit ratings are monitored on a regular basis. There are internal exposure limits to cash balances placed with counterparties. The credit worthiness of counterparties is also reviewed on a regular basis. None of the Company's financial assets are secured by collateral or other credit enhancements. **Credit risk exposure.** In summary, compared to the amounts in the Statement of Financial Position, the maximum exposure to credit risk at 31 January was as follows: | | 2026 | | 2025 | | | --- | --- | --- | --- | --- | | | Balance Sheet £'000 | Maximum exposure £'000 | Balance Sheet £'000 | Maximum exposure £'000 | | **Non-current assets** | | | | | | Investments at fair value through profit or loss | 435,150 | - | 472,652 | - | | **Current assets** | | | | | | Cash and short term deposits | 4,777 | 4,777 | 2,329 | 2,329 | | | 439,927 | 4,777 | 474,981 | 2,329 | None of the Company's financial assets is past due or impaired. 98 Dured in Income Growth Investment Trust PLC **Fair values of financial assets and financial liabilities.** The fair value of borrowings has been calculated at £42,768,000 as at 31 January 2026 (2025 - £42,021,000) compared to an accounts value in the financial statements of £49,353,000 (2025 - £48,659,000) (notes 12 and 13). The fair value of each loan is determined by aggregating the expected future cash flows for that loan discounted at a rate comprising the borrower's margin plus an average of market rates applicable to loans of a similar period of time and currency. All other assets and liabilities of the Company are included in the Statement of Financial Position at fair value. ## 20. Fair value hierarchy FRS 102 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following classifications: **Level 1:** unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date. **Level 2:** inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly. **Level 3:** inputs are unobservable (ie for which market data is unavailable) for the asset or liability. The financial assets and liabilities measured at fair value in the Statement of Financial Position are grouped into the fair value hierarchy at the reporting date as follows: | As at 31 January 2026 | Note | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 | | --- | --- | --- | --- | --- | --- | | Financial assets at fair value through profit or loss | | | | | | | Quoted equities | a) | 435,150 | - | - | 435,150 | | **Total** | | **435,150** | **-** | **-** | **435,150** | | As at 31 January 2025 | | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 | | --- | --- | --- | --- | --- | --- | | Financial assets at fair value through profit or loss | | | | | | | Quoted equities | a) | 472,652 | - | - | 472,652 | | **Total** | | **472,652** | **-** | **-** | **472,652** | **a) Quoted equities.** The fair value of the Company's investments in quoted equities has been determined by reference to their quoted bid prices at the reporting date. Quoted equities included in Fair Value Level 1 are actively traded on recognised stock exchanges. Dunedin Income Growth Investment Trust PLC 99 ## Notes to the Financial Statements ### Continued ### 21. Capital management policies and procedures The Company’s capital management objectives are: - to ensure that the Company will be able to continue as a going concern; and - to maximise the return to its equity shareholders through an appropriate balance of equity capital and debt. The capital of the Company consists of equity, comprising issued capital, reserves and retained earnings. The Board monitors and reviews the broad structure of the Company’s capital. This review includes the nature and planned level of gearing, which takes account of the Manager’s views on future expected returns and the extent to which revenue in excess of that which is required to be distributed should be retained. The Company is not subject to any externally imposed capital requirements. ### 22. Related party transactions and transactions with the Manager Directors’ fees and interests. Fees payable during the year to the Directors and their interests in the shares of the Company are disclosed within the Directors’ Remuneration Report on pages 61 and 62. Transactions with the Manager. The Company has an agreement with the Aberdeen Group for the provision of management, secretarial, accounting and administration services and also for the provision of promotional activities. Details of transactions during the year and balances outstanding at the year end are disclosed in notes 4 and 5. During the year, the Company received £16,000 in respect of returned, unclaimed dividends accumulated over a number of years. The Board took the decision to donate these monies to the Aberdeen Group Charitable Trust. The Aberdeen Group Charitable Trust is a registered charity. Its board of directors includes independent representation from the Aberdeen Group and provides oversight and guidance for its charitable giving activities. 100 Dunedin Income Growth Investment Trust PLC ## Other ## Information ### Investors can buy and sell ### shares in the Company ### directly through a stockbroker ### or other professional adviser. ### Alternatively, for private ### investors, there are a number ### of online dealing platforms ### that offer share dealing, ISAs ### and other means to invest in ### the Company. Dunedin Income Growth Investment Trust PLC 101 ## Investor Information ### Alternative Investment Fund Managers Shareholder Enquiries For queries regarding shareholdings, lost certificates, ### Directive (“AIFMD”) and Pre-Investment dividend payments, registered details and related ### Disclosure Document (“PIDD”) matters, shareholders holding their shares directly in the The Company has appointed abrdn Fund Managers Company are advised to contact the Registrar (see Limited as its Alternative Investment Fund Manager Company Information and Contacts). Changes of (“AIFM”) and The Bank of New York Mellon (International) address must be notified to the Registrar in writing. Limited as its depositary under the AIFMD. Any general queries about the Company should be The AIFMD requires abrdn Fund Managers Limited, as the directed to the Company Secretary in writing (see Company’s AIFM, to make available to investors certain Company Information and Contacts) or by email to: information prior to such investors’ investment in the dunedin.income@aberdeenplc.com Company. Details of the leverage and risk policies which the Company is required to have in place under the AIFMD ### How to Invest are published in the Company’s PIDD which can be found Investors can buy and sell shares in the Company directly on its website: dunedinincomegrowth.co.uk. The periodic through a stockbroker or indirectly through a lawyer, disclosures required to be made by the AIFM under the accountant or other professional adviser. Alternatively, for AIFMD are set out on page 107. private investors, there are a number of online dealing platforms that offer share dealing, ISAs and other means ### Investor Warning: Be alert to share to invest in the Company. Real-time execution-only ### fraud and scams stockbroking services allow you to trade online, manage Aberdeen has been contacted by investors informing it your portfolio and buy UK listed shares. These sites do not that it has received telephone calls and emails from give advice. Some comparison websites also look at people who have offered to buy their investment dealing rates and terms. company shares, purporting to work for Aberdeen or for Investors can, using certain platforms, arrange to have third party firms. Aberdeen has also been notified of dividends reinvested or establish regular savings to invest emails claiming that certain investment companies under in the shares of the Company. This can also be done under its management have issued claims in the courts against the auspices of an ISA which (under current tax rules and individuals. These may be scams which attempt to gain depending on individual circumstances) provides tax your personal information with which to commit identity efficiencies for private investors in the treatment of fraud or could be ‘boiler room’ scams where a payment income and capital gains. from you is required to release the supposed payment for your shares. These callers/senders do not work for ### Discretionary Private Client Stockbrokers Aberdeen and any third party making such offers/claims If you have a large sum to invest, you may wish to contact has no link with Aberdeen. a discretionary private client stockbroker. They can Aberdeen does not ‘cold-call’ investors in this way. If you manage your entire portfolio of shares and will advise you have any doubt over the veracity of a caller, do not offer on your investments. To find a private client stockbroker any personal information and end the call. visit The Personal Investment Management and Financial Advice Association at: pimfa.co.uk The Financial Conduct Authority provides advice with respect to share fraud and boiler room scams at: ### Financial Advisers fca.org.uk/consumers/scams To find an adviser who recommends on investment trusts, visit: unbiased.co.uk ### Regulation of Stockbrokers Before approaching a stockbroker, always check that they are regulated by the Financial Conduct Authority at: fca.org.uk/firms/financial-services-register 102 Dunedin Income Growth Investment Trust PLC ### How to Attend and Vote at Suitable for Retail/NMPI Status The Company’s shares are intended for investors, ### Company Meetings primarily in the UK, including retail investors, professionally- Investors who hold their shares through a platform or advised private clients and institutional investors who are share plan provider (for example Hargreaves Lansdown, seeking growth of income and capital from a high quality Interactive Investor or AJ Bell) and would like to attend and portfolio invested mainly in companies listed or quoted in vote at Company meetings (including AGMs) should the United Kingdom, and who understand and are willing contact their platform or share plan provider directly to to accept the risks of exposure to equities. make arrangements. Investors should consider consulting a financial adviser Investors who hold their shares through platforms and who specialises in advising on the acquisition of shares have their shares held through platform nominees, may and other securities before acquiring shares. Investors not necessarily receive notification of general meetings should be capable of evaluating the risks and merits of and are advised to keep themselves informed of Strategic Report Financial Statements Overview Governance General Other Information such an investment and should have sufficient resources Company business by referring to the Company’s to bear any loss that may result. website. Where voting is required, and the Board encourages shareholders to vote at all general meetings The Company currently conducts its affairs so that its of the Company, shareholders with their holdings in securities can be recommended by a financial adviser to nominees will need to instruct the nominee to vote on their ordinary retail investors in accordance with the Financial behalf and should do so in good time before the meetings. Conduct Authority’s rules in relation to non-mainstream pooled investments (“NMPIs”) and intends to continue to For investors who hold their shares on a platform via a do so for the foreseeable future. The Company’s securities nominee, the Association of Investment Companies has are excluded from the Financial Conduct Authority’s provided helpful information on how to attend an AGM restrictions which apply to NMPIs because they are and how to vote investment company shares held on securities issued by an investment trust. some of the major platforms. This information can be found at: theaic.co.uk/how-to-vote-your-shares ### Keeping You Informed Information about the Company can be found on its website: dunedinincomegrowth.co.uk, including share price and performance data as well as London Stock Exchange announcements, current and historic Annual and Half- Yearly Reports, and the latest monthly factsheet on the Company issued by the Manager. Investors can receive updates via email by registering on the home page of the Company’s website. The Company’s Ordinary share price appears under the heading ‘Investment Companies’ in the Financial Times. Details are also available at: invtrusts.co.uk aberdeen Investment Trusts @aberdeenTrusts aberdeen Investment Trusts @aberdeenInvestmentTrusts Dunedin Income Growth Investment Trust PLC 103 ## Glossary of Terms Glossary of Terms ### Aberdeen or Aberdeen Group Dividend Cover Aberdeen Group plc and its group of companies. Revenue return per share divided by the dividend per share, expressed as a ratio. Refer to Alternative ### AIC Performance Measures on page 108. The Association of Investment Companies. ### Dividend Yield ### AIFMD The annual dividend expressed as a percentage of the The UK version of the Alternative Investment Fund share price. Managers Directive and all implementing and delegating ### legislation thereunder, as it forms part of UK law following FCA the UK’s departure from the EU. The AIFMD was originally Financial Conduct Authority. European legislation which created a European-wide ### framework for regulating managers of ‘alternative Gearing investment funds’ (“AIFs”). It is designed to regulate any Net gearing is calculated by dividing total borrowings less fund which is not a UCITS fund and which is managed cash and cash equivalents by shareholders’ funds, and/or marketed in the EU (and, now separately, the UK). expressed as a percentage. Refer to Alternative The Company has been designated as an AIF. Performance Measures on page 108. ### Benchmark Investment Manager This is a measure against which an Investment Trust’s abrdn Investments Limited is a wholly owned subsidiary performance is compared. The Company’s benchmark is of Aberdeen Group plc and acts as the Company’s the FTSE All-Share Index. The index averages the investment manager. It is authorised and regulated by performance of a defined selection of listed companies the FCA. over specific time periods. ### Investment Trust ### Call Option A type of Closed-End Fund which invests in other An option contract which gives the buyer the right, but not securities, allowing shareholders to share the risks, and the obligation, to purchase a specified amount of an asset returns, of collective investment. at the strike price by a future specified date. ### Leverage ### Closed-End Fund For the purposes of the AIFMD, leverage is any method A collective investment scheme which has a fixed number which increases the Company’s exposure, including the of shares which are not redeemable from the fund itself. borrowing of cash and the use of derivatives. It is Unlike open-ended funds, new shares/units are not expressed as a ratio between the Company’s exposure created by managers to meet demand from investors; and its Net Asset Value and can be calculated on a gross instead, shares are purchased (or sold) only in the market. and a commitment method. Under the gross method, Closed-end funds are normally listed on a recognised exposure represents the sum of the Company’s positions stock exchange, such as the London Stock Exchange, and after the deduction of Sterling cash balances, without shares can be bought and sold on that exchange. taking into account any hedging and netting arrangements. Under the commitment method, exposure ### Discount is calculated without the deduction of Sterling cash The amount by which the market price per share of an balances and after certain hedging and netting positions Investment Trust is lower than the Net Asset Value per are offset against each other. share. The discount is normally expressed as a ### Manager, AIFM or aFML percentage of the Net Asset Value per share. Refer to Alternative Performance Measures on page 109. abrdn Fund Managers Limited is a wholly owned subsidiary of Aberdeen Group plc and acts as the Company’s Alternative Investment Fund Manager. It is authorised and regulated by the FCA. 104 Dunedin Income Growth Investment Trust PLC ### Net Asset Value or NAV Sustainability Disclosure Requirements The value of total assets less liabilities. Liabilities for this ### or SDR purpose include current and long-term liabilities. The Net The sustainability disclosure requirements and investment Asset Value divided by the number of shares in issue labels regime as published by the Financial Conduct produces the Net Asset Value per Ordinary share. Authority in November 2023. ### NAV with debt at fair value ### Total Assets The Net Asset Value with debt valued divided by the Total assets less current liabilities (before deducting Prior number of shares in issue where the Company’s Charge as defined above), as per the Statement of borrowings are valued using the discounted cash Financial Position. flow basis. ### Total Return Strategic Report Financial Statements Overview Governance General Other Information ### Ongoing Charges Total Return involves reinvesting the net dividend in the Ratio of expenses as a percentage of average daily month that the share price goes ex-dividend. The NAV shareholders’ funds calculated as per the AIC’s industry Total Return involves investing the same net dividend in the standard method. Refer to Alternative Performance NAV of the Company on the date to which that dividend Measures on page 109. was earned. Refer to Alternative Performance Measures on page 110. ### Pre-Investment Disclosure Document ### (“PIDD”) UN Global Compact The AIFM and the Company are required to make certain A global corporate sustainability initiative, calling on disclosures available to investors in accordance with the companies, investors and other participants to align AIFMD. Those disclosures that are required to be made their strategies and operations with universal principles pre-investment are included within a PIDD, which can be on human rights, labour, the environment and found on the Company’s website. anti-corruption. ### Premium UN Sustainable Development Goals The amount by which the market price per share of an The Sustainable Development Goals (“SDGs”) or Global Investment Trust exceeds the Net Asset Value per share. Goals are a collection of 17 interlinked global goals The premium is normally expressed as a percentage of designed to be a "blueprint to achieve a better and more the Net Asset Value per share. sustainable future for all". The SDGs were set in 2015 by the United Nations General Assembly and are intended to ### Price/Earnings Ratio be achieved by 2030. This is calculated by dividing the market price per share by ### Weighted Average Carbon Intensity the earnings per share. The calculation assumes no Average carbon intensity of the portfolio weighted by the change in earnings but in practice the multiple reflects the weight of the company in the portfolio. stock market’s view of a company’s prospects and profit growth potential. ### Prior Charges The name given to all borrowings including debentures, loans and overdrafts that are to be used for investment purposes, reciprocal foreign currency loans, currency facilities to the extent that they are drawn down, index- linked securities, and all types of preference or preferred capital, irrespective of the time until repayment. Dunedin Income Growth Investment Trust PLC 105 ## Share Capital History ### Issued Share Capital at 31 January 2026 120,197,609 Ordinary shares of 25p (153,677,935 including treasury shares) ### Treasury Shares at 31 January 2026 33,480,326 Ordinary shares ### Name Change April 1990 Company name changed from “The First Scottish American Trust PLC” to Dunedin Income Growth Investment Trust PLC ### Share Capital History April 1997 Capitalisation issue of four Ordinary shares of 25p issued for each existing Ordinary share April 1999 Reduction of share capital by way of repayment of £840,000 of 3 ½% Preference stock Year ended 31 January 2004 50,000 Ordinary shares purchased for cancellation Year ended 31 January 2005 1,950,000 Ordinary shares purchased for cancellation Year ended 31 January 2006 450,000 Ordinary shares purchased for cancellation and 450,000 Ordinary shares purchased to hold in treasury Year ended 31 January 2007 3,231,101 Ordinary shares purchased to hold in treasury Year ended 31 January 2008 2,237,440 Ordinary shares purchased to hold in treasury, 1,972,800 treasury shares cancelled Year ended 31 January 2009 1,026,007 Ordinary shares purchased to hold in treasury, 2,000,000 treasury shares cancelled Year ended 31 January 2014 300,000 Ordinary shares sold from treasury Year ended 31 January 2017 493,500 Ordinary shares purchased to hold in treasury Year ended 31 January 2018 833,000 Ordinary shares purchased to hold in treasury Year ended 31 January 2019 1,387,018 Ordinary shares purchased to hold in treasury Year ended 31 January 2020 105,550 Ordinary shares purchased to hold in treasury Year ended 31 January 2021 22,449 Ordinary shares purchased to hold in treasury Year ended 31 January 2023 100,000 Ordinary shares sold from treasury Year ended 31 January 2024 2,091,781 Ordinary shares purchased to hold in treasury Year ended 31 January 2025 11,223,856 Ordinary shares purchased to hold in treasury Year ended 31 January 2026 14,751,424 Ordinary shares purchased to hold in treasury 106 Dunedin Income Growth Investment Trust PLC ## AIFMD Disclosures Unaudited The AIFM and the Company are required to make certain disclosures available to investors in accordance with the Alternative Investment Fund Managers Directive (“AIFMD”). Those disclosures that are required to be made pre- investment are included within a pre-investment disclosure document (“PIDD”) which can be found on the Company’s website. There have been no material changes to the disclosures contained within the PIDD since its most recent update in April 2025. The periodic disclosures as required under the AIFMD to investors are made below: · information on the investment strategy, geographic and sector investment focus and principal stock exposures is included in the Strategic Report; · none of the Company’s assets are subject to special arrangements arising from their illiquid nature; · the Strategic Report, note 19 to the financial statements and the PIDD together set out the risk profile and risk Strategic Report Financial Statements Overview Governance General Other Information management systems in place. There have been no changes to the risk management systems in place in the period under review and no breaches of any of the risk limits set, with no breach expected; · there are no new arrangements for managing the liquidity of the Company or any material changes to the liquidity management systems and procedures employed by aFML; and · all authorised Alternative Investment Fund Managers are required to comply with the AIFMD Remuneration Code. In accordance with the Remuneration Code, the AIFM’s remuneration policy is available from the Company Secretary on request, and the remuneration disclosures in respect of the AIFM’s reporting period for the year ended 31 December 2025 are available on the Company’s website. ### Leverage The table below sets out the current maximum permitted limit and actual level of leverage for the Company: Gross Method Commitment Method Maximum level of leverage 2.50 2.00 Actual level at 31 January 2026 1.23 1.24 There have been no breaches of the maximum level during the period and no changes to the maximum level of leverage employed by the Company. There have been no changes to the circumstances in which the Company may be required to post assets as collateral and no guarantees granted under the leveraging arrangement. Changes to the information contained either within this Annual Report or the PIDD in relation to any special arrangements in place, the maximum level of leverage which aFML may employ on behalf of the Company, the right of use of collateral or any guarantee granted under any leveraging arrangement, or any change to the position in relation to any discharge of liability by the Depositary will be notified via a regulatory news service without undue delay in accordance with the AIFMD. The information on this page has been approved for the purposes of Section 21 of the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) by abrdn Fund Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Dunedin Income Growth Investment Trust PLC 107 ## ( ) ## Alternative Performance Measures Alternative performance measures are numerical measures of the Company’s current, historical or future performance, financial position or cash flows, other than financial measures defined or specified in the applicable financial framework. The Company’s applicable financial framework includes FRS 102 and the AIC SORP. The Directors assess the Company’s performance against a range of criteria which are viewed as particularly relevant for closed-end investment companies. ### Dividend cover Dividend cover measures the revenue return per share divided by total dividends per share, expressed as a ratio. 2026 2025 Revenue return per share a 13.64p 13.80p Dividends per share b 19.10p 14.20p Dividend cover a/b 0.71 0.97 ### Dividend yield The annual dividend per Ordinary share divided by the share price at the year end, expressed as a percentage. 2026 2025 | Dividends per share (p) | a 19.1 14.2 | | --- | --- | | Share price (p) | b 308.0 285.0 | | Dividend yield | a/b 6.2% 5.0% | ### Net gearing Net gearing measures total borrowings less cash and cash equivalents divided by shareholders’ funds, expressed as a percentage. Under AIC reporting guidance cash and cash equivalents includes net amounts due to and from brokers at the period end as well as cash and short term deposits. 2026 2025 Borrowings (£’000) a 49,353 48,659 Cash (£’000) b 4,777 2,329 Amounts due to brokers (£’000) c – 368 Amounts due from brokers (£’000) d – – Shareholders’ funds (£’000) e 393,526 428,528 Net gearing (a-b+c-d)/e 11.33% 10.90% 108 Dunedin Income Growth Investment Trust PLC ## Discount to net asset value per share with debt at fair value The discount is the amount by which the share price is lower than the net asset value per share with debt at fair value, expressed as a percentage of the net asset value with debt at fair value. | | | 2026 | 2025 | | --- | --- | --- | --- | | NAV per Ordinary share (p) (see note 17) | a | 332.88p | 322.47p | | Share price (p) | b | 308.00p | 285.00p | | Discount | (a-b)/b | 7.47% | 11.62% | ## Ongoing charges The ongoing charges ratio has been calculated in accordance with guidance issued by the AIC as the total of investment management fees and administrative expenses less non-recurring charges, expressed as a percentage of the average net asset values with debt at fair value throughout the year. | | 2026 | 2025 | | --- | --- | --- | | Investment management fees (£'000) | 1,602 | 1,727 | | Administrative expenses (£'000) | 725 | 898 | | Less non-recurring charges (£'000) | (30) | (104) | | **Ongoing charges (£'000)** | **2,297** | **2,521** | | **Average net assets (£'000)** | **406,263** | **446,732** | | **Ongoing charges ratio** | **0.57%** | **0.56%** | Salaries General Ledger Insurance General Accounting General Account General Dunedin Income Growth Investment Trust PLC 109 # Alternative Performance Measures ## Continued ### Total return NAV and share price total returns show how the NAV and share price has performed over a period of time in percentage terms, taking into account both capital returns and dividends paid to shareholders. Share price and NAV total returns are monitored against open-ended and closed-ended competitors, and the Reference Index, respectively. | Year ended 31 January 2026 | | NAV | Share Price | | --- | --- | --- | --- | | Opening at 1 February 2025 | a | 322.5p | 285.0p | | Closing at 31 January 2026 | b | 332.9p | 308.0p | | Price movements | c=(b/a)-1 | 3.2% | 8.1% | | Dividend reinvestment ^{1} | d | 5.0% | 5.7% | | **Total return** | **c+d** | **+8.2%** | **+13.8%** | | Year ended 31 January 2025 | | NAV | Share Price | | --- | --- | --- | --- | | Opening at 1 February 2024 | a | 309.0p | 276.0p | | Closing at 31 January 2025 | b | 322.5p | 285.0p | | Price movements | c=(b/a)-1 | 4.4% | 3.3% | | Dividend reinvestment ^{1} | d | 4.6% | 5.1% | | **Total return** | **c+d** | **+9.0%** | **+8.4%** | $^{1}$ NAV total return involves investing the net dividend in the NAV of the Company with debt at fair value on the date on which that dividend goes as -dividend. Share price total return involves reinvesting the net dividend in the share price of the Company on the date on which that dividend goes as -dividend. 110 Dunedin Income Growth Investment Trust PLC ## General ### The Annual General Meeting will be held at ### 18 Bishops Square, London E1 6EG at 12 noon ### on Thursday 21 May 2026. ### The Company will also be hosting an online shareholder ### presentation, which will be held at 11.00am on Friday ### 8 May 2026. Full details on how to register for the ### event can be found on the Company’s website. 3.0% of the Company’s total assets are invested in the Industrial Engineering sub-sector (2025: 2.1%). Dunedin Income Growth Investment Trust PLC 111 # Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the Annual General Meeting of Dunedin Income Growth Investment Trust PLC (the "Company") will be held at 18 Bishops Square, London E1 6EG at 12 noon on Thursday 21 May 2026 for the following purposes: ## Ordinary Business To consider and, if thought fit, pass resolutions 1 to 12 (inclusive) as ordinary resolutions: 1. To receive and adopt the audited financial statements of the Company for the financial year ended 31 January 2026 and the reports of the Directors and the Auditor on those financial statements. 2. To receive, adopt and approve the Directors' Remuneration Report (excluding the Directors' Remuneration Policy) for the financial year ended 31 January 2026 which appears on pages 60 to 62 of the Annual Report and Accounts. 3. To approve the Directors' Remuneration Policy which appears on page 60 of the Annual Report and Accounts. 4. To approve a final dividend of 7.40p per Ordinary share in respect of the financial year ended 31 January 2026. 5. To elect Ms Katrina Hart as a Director of the Company. 6. To re-elect Mr Arun Kumar Sarwal as a Director of the Company. 7. To re-elect Mr Howard Williams as a Director of the Company. 8. To re-elect Ms Christine Montgomery as a Director of the Company. 9. To re-elect Ms Gay Collins as a Director of the Company. 10. To re-appoint Deloitte LLP as Auditor of the Company, to hold office from the conclusion of the Annual General Meeting until the conclusion of the next Annual General Meeting of the Company. 11. To authorise the Directors to determine the remuneration of the Company's Auditor. 12. That, in substitution for any existing authority under Section 551 of the Companies Act 2006 (the "Act"), but without prejudice to the exercise of any such authority prior to the passing of this resolution, the directors of the Company (the "Directors") be and are hereby generally and unconditionally authorised, pursuant to and in accordance with Section 551 of the Act, to exercise all the powers of the Company to allot shares in the Company ("Shares") and to grant rights to subscribe for or to convert any security into Shares in the Company ("Rights") up to an aggregate nominal amount of £9,887,830 or, if less, the number representing 33.33% of the issued Ordinary share capital of the Company (excluding treasury shares) as at the date of the passing of this resolution on such terms as the Directors may determine, provided that such authorisation expires (unless previously renewed, varied or revoked by the Company in general meeting) at the conclusion of the next Annual General Meeting of the Company held after the passing of this resolution or on 31 July 2027 (whichever is earlier) save that the Company may, at any time prior to the expiry of such authority, make offers or enter into agreements which would or might require Shares to be allotted or Rights to be granted after such expiry and the Directors may allot Shares or grant Rights in pursuance of any such offers or agreements as if the authority conferred by this resolution had not expired. To consider and, if thought fit, pass resolutions 13 and 14 as special resolutions: 13. That in substitution for any existing power under Sections 570 and 573 of the Companies Act 2006 (the "Act") (but without prejudice to the exercise of any such authority prior to the passing of this resolution), and subject to the passing of Resolution 12 set out in the notice of the 2026 Annual General Meeting ("Resolution 12"), the directors of the Company (the "Directors") be and are hereby generally empowered, pursuant to Sections 570 and 573 of the Act, to allot or make offers or agreements to allot equity securities (as defined in Section 560 of the Act) for cash pursuant to the authority conferred by Resolution 12 and/or by way of a sale of treasury shares for cash (within the meaning of Section 560(3) of the Act), as if Section 561(1) of the Act did not apply to any such allotment or sale provided that this power shall be limited to: 112 Dunedin Income Growth Investment Trust PLC i. the allotment of equity securities and the sale of treasury shares (otherwise than pursuant to sub-paragraph (ii) below) up to an aggregate nominal amount of £2,966,645 or, if less, the number representing 10% of the issued Ordinary share capital of the Company (excluding treasury shares) as at the date of the passing of this resolution, at a price of not less than the net asset value per share of the existing Ordinary shares at allotment or sale, as determined by the Directors; and ii. the allotment of equity securities by way of rights issue, open offer or other pre-emptive offer in favour of all holders of Ordinary shares where the equity securities respectively attributable to the interests of all such holders are either proportionate (as nearly as may be) to the respective number of Ordinary shares held by them on a record date fixed by the Directors (subject to such exclusions, limitations, restrictions or other arrangements as the Directors consider necessary or appropriate to deal with treasury shares, fractional entitlements, record dates, legal, regulatory or practical problems in or under the laws of, or requirements of, any regulatory body or any stock exchange in any territory or otherwise howsoever); Strategic Report Financial Statements Overview Governance General Other Information and shall expire (unless previously renewed, varied or revoked by the Company in general meeting) at the conclusion of the next Annual General Meeting of the Company held after the passing of this resolution or on 31 July 2027 (whichever is earlier), save that the Company may, at any time prior to the expiry of such authority, make offers or enter into agreements which would or might require equity securities to be allotted or treasury shares to be sold after such expiry and the Directors may allot equity securities or sell treasury shares in pursuance of such offers or agreements as if the power conferred by this resolution had not expired. 14. That, in substitution for any existing authority under Section 701 of the Companies Act 2006 (the “Act”), but without prejudice to the exercise of any such authority prior to the passing of this resolution, the Company be and is hereby generally and unconditionally authorised, for the purposes of Section 701 of the Act, to make one or more market purchases (within the meaning of Section 693(4) of the Act) of fully paid Ordinary shares of 25p each in the capital of the Company (“Ordinary shares”) on such terms and in such manner as the directors of the Company may from time to time determine (either for cancellation or for retention as treasury shares for future re-issue, resale, transfer or cancellation) provided that: i. the maximum aggregate number of Ordinary shares hereby authorised to be purchased is 17,788,009 Ordinary shares or, if less, the number representing 14.99% of the issued Ordinary share capital of the Company (excluding treasury shares) immediately prior to the passing of this resolution; ii. the minimum price (exclusive of expenses) which may be paid for an Ordinary share purchased pursuant to this authority shall be 25p (being the nominal value of an Ordinary share); iii. the maximum price (exclusive of expenses) which may be paid for an Ordinary share purchased pursuant to this authority shall be the higher of: a. 5% above the average of the middle market quotations of the Ordinary shares (as derived from the Daily Official List of the London Stock Exchange) for the five business days immediately preceding the date of purchase; and b. the higher of the price of the last independent trade in Ordinary shares and the highest current independent bid for Ordinary shares on the London Stock Exchange at the time the purchase is carried out; and Dunedin Income Growth Investment Trust PLC 113 ## Notice of Annual General Meetin ### Continued iv. unless previously varied, revoked or renewed by the Company in a general meeting, the authority hereby conferred shall expire at the conclusion of the next Annual General Meeting of the Company held after the passing of this resolution or on 31 July 2027 (whichever is the earlier) save that the Company may at any time prior to such expiry, enter into a contract or arrangement to purchase Ordinary shares under this authority which will or may be completed or executed wholly or partly after the expiration of this authority and may make a purchase of shares pursuant to any such contract or arrangement. By order of the Board Registered Office: abrdn Holdings Limited 1 George Street Company Secretary Edinburgh EH2 2LL 8 April 2026 114 Dunedin Income Growth Investment Trust PLC ## g ### Notes i. A member entitled to attend and vote at the meeting may appoint a proxy or proxies to exercise all or any of his/her rights to attend, speak and vote on his/her behalf at the meeting. A proxy need not be a member of the Company. A member may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. A member may not appoint more than one proxy to exercise the rights attached to any one share. If you wish your proxy to speak on your behalf at the meeting you will need to appoint your own choice of proxy (not the Chairman of the meeting) and give your instructions directly to them. A proxy form which may be used to make such appointment and give proxy instructions accompanies this notice. If you do not have a proxy form and believe that you should have one, or if you require additional forms or would like to appoint more than one proxy, please contact the Company's Registrar, Equiniti Limited on +44 (0)371 384 2441. Charges for calling this number are determined by the caller’s service provider. Lines open 8.30 a.m. to 5.30 p.m., Monday to Friday, excluding bank holidays in England and Wales. If calling from overseas, please ensure the country code is used. In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only the appointment submitted by Strategic Report Financial Statements Overview Governance General Other Information the most senior holder will be accepted. Seniority is determined by the order in which the names of the joint holders appear in the Company's Register of Members in respect of the joint holding (the first-named being the most senior). A member present in person or by proxy shall have one vote on a show of hands and on a poll every member present in person or by proxy shall have one vote for every Ordinary share of which he/she is the holder. ii. A form of proxy is enclosed. To be valid, any proxy form or other instrument of proxy and any power of attorney or other authority, if any, under which they are signed or a notarially certified copy of that power of attorney or authority should be sent to the Company’s Registrar, Equiniti Limited, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA so as to arrive not less than 48 hours (excluding non-working days) before the time fixed for the meeting. iii. The return of a completed proxy form or other such instrument of proxy will not prevent a member attending the Annual General Meeting and voting in person if he/she wishes to do so. iv. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the meeting and any adjournment(s) thereof by using the procedures described in the CREST Manual and by logging on to the website euroclear.com. CREST personal members or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf. v. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a “CREST Proxy Instruction”) must be properly authenticated in accordance with Euroclear UK & International Limited’s specifications, and must contain the information required for such instruction, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the Company’s Registrar (ID RA19) no later than 48 hours (excluding non-working days) before the time of the meeting or any adjournment. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Application Host) from which the Company’s Registrar is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means. vi. CREST members and, where applicable, their CREST sponsors, or voting service providers should note that Euroclear UK & International Limited does not make available special procedures in CREST for any particular message. Normal system timings and limitations will, therefore, apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member, or sponsored member, or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting system providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. Dunedin Income Growth Investment Trust PLC 115 # Notice of Annual General Meeting Continued vii. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001. viii. If you are an institutional investor you may be able to appoint a proxy electronically via the Proxymity platform, a process which has been agreed by the Company and approved by the Registrar. For further information regarding Proxymity, please go to www.proxymity.io. Your proxy must be lodged by 12 noon on 19 May 2026 in order to be considered valid. Before you can appoint a proxy via this process you will need to have agreed to Proxymity's associated terms and conditions. It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy. ix. The "vote withheld" option on the proxy form is provided to enable a member to abstain on any particular resolution. It should be noted that an abstention is not a vote in law and will not be counted in the calculation of the proportion of votes "for" or "against" a particular resolution. x. The right to vote at the meeting is determined by reference to the Company's register of members as at 6.30 p.m. on 19 May 2026 or, if the meeting is adjourned, at 6.30 p.m. on the day which is two days (excluding non-working days) prior to the adjourned meeting. Changes to entries on that register after that time shall be disregarded in determining the rights of any member to attend and vote at the meeting. xi. As at 8 April 2026 (being the latest practicable date prior to the publication of this document) the Company's issued share capital comprised 118,665,838 Ordinary shares of 25p each and 35,012,097 treasury shares. Each Ordinary share carries the right to one vote at a general meeting of the Company and, therefore, the total number of voting rights in the Company as at 8 April 2026 was 118,665,838. xii. Any person holding 3% or more of the total voting rights of the Company who appoints a person other than the Chairman of the meeting as his/her proxy will need to ensure that both he/she and his/her proxy complies with their respective disclosure obligations under the UK Disclosure Guidance and Transparency Rules. xiii. A person to whom this notice is sent who is a person nominated under Section 146 of the Companies Act 2006 to enjoy information rights (a "Nominated Person") may, under an agreement between him/her and the shareholder by whom he/she was nominated, have a right to be appointed (or to have someone else appointed) as a proxy for the meeting. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, he/she may, under any such agreement, have a right to give instructions to the shareholder as to the exercise of voting rights. The statements of the rights of members in relation to the appointment of proxies in notes (i) to (iii) above do not apply to a Nominated Person. The rights described in those notes can only be exercised by registered members of the Company. xiv. Biographical details of the Directors standing for election/re-election are set out on pages 48 to 50 of the Annual Report and financial statements of the Company for the financial year ended 31 January 2026. xv. Members who have general queries about the Annual General Meeting should contact the Company Secretary in writing. Members are advised that any telephone number, website or email address which may be set out in this notice of Annual General Meeting or in any related documents (including the proxy form) is not to be used for the purposes of serving information or documents on, or otherwise communicating with, the Company for any purposes other than those expressly stated. 116 Dured in Income Growth Investment Trust PLC xvi. Members should note that, it is possible that, pursuant to requests made by members of the Company under Section 527 of the Companies Act 2006, the Company may be required to publish on a website a statement setting out any matter relating to the audit of the Company's accounts (including the Auditor's report and the conduct of the audit) that are to be laid before the meeting or any circumstances connected with an auditor of the Company ceasing to hold office since the previous meeting at which annual accounts and reports were laid in accordance with Section 437 of the Companies Act 2006. The Company may not require the members requesting any such website publication to pay its expenses in complying with Sections 527 or 528 of the Companies Act 2006. Where the Company is required to place a statement on a website under Section 527 of the Companies Act 2006, it must forward the statement to the Company's Auditor no later than the time when it makes the statement available on the website. The business which may be dealt with at the meeting includes any statement that the Company has been required under Section 527 of the Companies Act 2006 to publish on a website. xvii. No Director has a service contract with the Company. Copies of the Directors' letters of appointment are available for inspection on any day (except Saturdays, Sundays and public holidays in England and Wales) from the date of this notice until the date of the meeting during usual business hours at the Company's registered office and for 15 minutes prior to, and at, the meeting. xviii. Further information regarding the meeting which the Company is required by section 311A of the Companies Act 2006 to publish on a website in advance of the meeting (including this notice) is available from the Company's website: dunedinincomegrowth.co.uk xix. Members have a right under section 319A of the Companies Act 2006 to require the Company to answer any question raised by a member at the Annual General Meeting, which relates to the business being dealt with at the meeting, although no answer need be given: (a) if to do so would interfere unduly with the preparation of the meeting or involve disclosure of confidential information; (b) if the answer has already been given on the Company's website; or (c) it is undesirable in the best interests of the Company or the good order of the meeting. Dunedin Income Growth Investment Trust PLC 117 118 Dunedin Income Growth Investment Trust PLC Strategic Report Financial Statements Overview Governance General Other Information Dunedin Income Growth Investment Trust PLC 119 120 Dunedin Income Growth Investment Trust PLC ## Company Information and Contacts | Directors | Registrar | | --- | --- | | Howard Williams (Chairman) | Equiniti Limited | | Gay Collins | Highdown House | | Katrina Hart (appointed 1 March 2026) | Yeoman Way | | Christine Montgomery | Worthing | | Arun Kumar Sarwal | West Sussex BN99 3HH | Shareholder help can be found at shareview.co.uk. ### Registered Office & Company Secretary Alternatively, you can contact the Shareholder Helpline: abrdn Holdings Limited +44 (0)371 384 2441* 1 George Street Edinburgh EH2 2LL (*Lines open 8.30 a.m. to 5.30 p.m., Monday to Friday excluding public holidays in England and Wales. Charges Email: dunedin.income@aberdeenplc.com for calling telephone numbers starting with ‘03’ are determined by the caller’s service provider.) ### Alternative Investment Fund Manager If calling from overseas, please ensure the country code abrdn Fund Managers Limited is used. 280 Bishopsgate London EC2M 4AG ### Depositary The Bank of New York Mellon (International) Limited ### Investment Manager 160 Queen Victoria Street abrdn Investments Limited London EC4V 4LA 1 George Street Edinburgh EH2 2LL ### Stockbroker JPMorgan Cazenove ### Company Registration Number 25 Bank Street SC000881 (Scotland) Canary Wharf London E14 5JP ### Legal Entity Identifier (“LEI”) 549300PPXLZPR5JTL763 ### Auditor Deloitte LLP ### Website 110 Queen Street dunedinincomegrowth.co.uk Glasgow G1 3BX aberdeen Investment Trusts @aberdeenTrusts aberdeen Investment Trusts @aberdeenInvestmentTrusts Dunedin Income Growth Investment Trust PLC 121 ## Dunedin Income Growth ## Investment Trust PLC ### Annual Report 31 January 2026 ### A differentiated, UK-centric strategy, targeting rising income and capital growth, ### aligned with our sustainable investing approach For more information visit dunedinincomegrowth.co.uk ## aberdeeninvestments.com ## dunedinincomegrowth.co.uk