1. Murray International Trust PLC Annual Report for the year ended 31 Dec 15 April 2016 Bruce Stout, Senior Investment Manager Aberdeen Asset Management

2. 2 Objective The primary aim of Murray International Trust PLC is to achieve a total return greater than its benchmark by investing predominantly in equities worldwide. Within this objective the manager will seek to increase the company's revenues in order to maintain an above average dividend yield Benchmark 40% of the FTSE World UK and 60% of the FTSE World ex UK Indices Murray International Trust PLC

3. 3 A challenging year for Murray International Trust PLC Net asset value, share price and dividend performance % Net asset value total return-7.9 Share price total return-15.2 Dividend per share growth+3.3 Past performance is not a guide to future results Source: Murray International Trust Annual Report, 2015

4. 4 Murray International Trust PLC FundIndexRelative 2003+25.5+19.9+5.6 2004+14.1+9.4+4.7 2005+31.0+23.4+7.6 2006+13.8+9.2+4.6 2007+14.9+8.7+6.2 2008-12.3-21.7+9.4 2009+28.6+22.5+6.1 2010+24.7+14.9+9.8 2011-0.1-4.6+4.5 2012+14.0+11.4+2.6 2013+4.6+21.2-16.6 2014+3.0+7.5-4.5 2015-7.9+2.6-10.5 2015 Performance in an historical context Past performance is not a guide to future results Source: Murray International Trust Annual Reports 2003 - 2015

5. 5 Fiscal year – earnings per share Fiscal year – dividends per share Earnings per share and dividends per share Past performance is not a guide to future results Source: Murray International annual reports – 2005 - 2015

6. 6 Total equities distribution by sector breakdown Source: Aberdeen Asset Managers, 31 Dec 15

7. 7 Top equities distribution by geographic region Source: Aberdeen Asset Managers, 31 Dec 15

8. 8 True buy-and-hold investment RankLargest equity positionsFund %Yield %Five year dividend growth % Number of years in MINT portfolio 1Groupo Asur4.52.6+11> 10 2Taiwan Semiconductor4.1 +9> 10 3Philip Morris3.84.7+11> 10 4Unilever Indonesia3.82.6+14> 10 5Taiwan Mobile3.46.0+0> 10 6British American Tobacco3.24.0+7> 10 7Femsa2.91.7+17> 5 8Verizon2.94.5+3> 10 9Roche2.83.4+6> 10 10Daito Trust2.72.6+14> 10 11Nordea Bank2.77.0+19> 10 12Pepsico2.73.0+8> 10 13Singapore Telecom2.65.3+3> 6 14Total2.46.0+1> 8 15Telus2.45.3+3> 7 16Johnson & Johnson2.33.0+7> 10 17Kimberly Clark de Mexico2.24.3+7> 10 18Zurich Insurance2.27.9+1> 10 19Public Bank1.93.4+0> 10 20BAT’s Malaysia1.86.2+6> 10 Total57.3 Source: Murray International Trust Annual Reports, 2005 - 2015

9. 9 Country exposure – 31 December 2015 CountryWeight % UK13.7 US10.8 Mexico9.3 Switzerland8.0 Taiwan7.4 Brazil4.9 France3.9 Canada3.8 Sweden3.7 Indonesia3.6 Malaysia3.4 Singapore3.4 Italy2.9 Japan2.9 South Africa1.8 Chile1.0 Hong Kong1.0 Australia1.0 Thailand0.9 Total86.8 ExposureWeight % EMD Corporate US5.4 EMD Sovereign local5.8 EMD Sovereign US1.5 UK Corporate £0.4 Cash0.1 Total13.2 Source: Murray International Trust, 31 Dec 15

10. 10 Zero interest rates fail to stimulate growth Negative bond yields destroy savings Printing money fails to ignite inflation Excessive debt creation counter-productive Is the capitalist consumption model over? Outlook – the past is no guide to the future

11. 11 Should you require further information please do not hesitate to contact us: Contact details Private investors: 0500 00 00 40 Institutional investors: Kenneth Harper +44 (0)131 528 4224 or Andrew Leigh +44 (0)207 463 6312

12. 12 Risk factors you should consider prior to investing: The value of investments and the income from them can fall and investors may get back less than the amount invested. Past performance is not a guide to future results. Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company's assets will result in a magnified movement in the NAV. The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company's shares. The Company may charge expenses to capital which may erode the capital value of the investment. Movements in exchange rates will impact on both the level of income received and the capital value of your investment. There is no guarantee that the market price of the Company's shares will fully reflect their underlying Net Asset Value. As with all stock exchange investments the value of the Company's shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. With funds investing in bonds there is a risk that interest rate fluctuations could affect the capital value of investments. Where long term interest rates rise, the capital value of shares is likely to fall, and vice versa. In addition to the interest rate risk, bond investments are also exposed to credit risk reflecting the ability of the borrower (i.e. bond issuer) to meet its obligations (i.e. pay the interest on a bond and return the capital on the redemption date). The risk of this happening is usually higher with bonds classified as ‘sub-investment grade’. These may produce a higher level of income but at a higher risk than investments in ‘investment grade’ bonds. In turn, this may have an adverse impact on funds that invest in such bonds. Other important information: Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Registered Office: 10 Queen’s Terrace, Aberdeen AB10 1YG. Registered in Scotland No. 108419. An investment trust should be considered only as part of a balanced portfolio. Under no circumstances should this information be considered as an offer or solicitation to deal in investments. FTSE International Limited (‘FTSE’) © FTSE 2016. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. RAFI® is a registered trademark of Research Affiliates, LLC. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Disclaimer