AVI GLOBAL TRUST PLC

Monthly Update

AVI Global Trust plc (the "Company") presents its Update, reporting performance figures for the month ended 31 May 2025.

This Monthly Newsletter is available on the Company's website at: AGT-May-2025.pdf

This investment management report relates to performance figures to 31 May 2025.

Manager's Comment

AVI Global Trust's (AGT) NAV increased +4.2% in May.

Entain was the top contributor adding +63bps to NAV with the shares now having moved >50% from the April lows. Vivendi was also a meaningful contributor (+45bps) as the shares returned +9% - which was entirely a function of NAV growth, as shares in UMG rose +10% following a strong set of results published at end of April. Chrysalis also contributed (+42bps) and we provide an update on the investment below.

In terms of detractors shares in Rohto declined - 15% over the month following disappointing results, costing us -74bps. There were no other notable detractors to speak of.

Chrysalis

During the month, Chrysalis (CHRY) announced an update on its Capital Allocation Policy (CAP), disclosing that AVI recently wrote to the Board requesting that a continuation vote be proposed at the 2026 AGM. The letter was co-signed by other shareholders with the signatories representing 27% of the shareholder register at the time. Other shareholders comprising a material portion of the register were supportive of the letter's contents but unable to sign it due to their internal policies.

In response, the company will now put forward a resolution at the 2026 AGM (expected to be held in March) asking shareholders to reaffirm the existing CAP. If, as we expect, this is not approved by shareholders, no new investments will be made ahead of the next formal continuation vote scheduled for the 2027 AGM (noting that the company has already now committed to making no new investments prior to the 2026 CAP vote).

AVI is the largest shareholder in CHRY with a 16.9% stake held across its funds (15.0% held by AGT). We continue to engage with the Board on the company's future strategy.

Third Point Investors

During the month, Third Point Investors (TPOU) announced proposals for it to merge with a private reinsurance company wholly owned by Third Point.

It is a well-established principle within the London market that a listed investment company materially changing investment policy should offer a full exit at or close to NAV to those shareholders who do not wish to remain invested. Several aspects of the proposed deal would set worrying precedents, and we continue to engage with stakeholders.

Gerresheimer

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In early June, Gerresheimer issued a profit warning leading to a -23% decline in the share price.

Following this we published an open letter to the Supervisory Board setting out the steps required to secure and unlock value.

The full letter can be found here: Gerresheimer - a shot of new medicine is required.

In the letter we argue that in order to secure and unlock value:

1) We believe new financial leadership is required to repair the relationship with the market and restore credibility.

2) We believe Gerresheimer should establish a capital allocation committee to oversee and review the company's capital allocation and capital structure.

3) We believe Gerresheimer should look to exit Moulded Glass with haste.

So far, we have had encouraging feedback from a number of fellow shareholders and welcome any other interested investors getting in touch.

We continue to actively engage with management and the board in the pursuit of realising Gerresheimer's considerable value.

Contributors / Detractors (in GBP)

MUFG Corporate Governance Limited

Corporate Secretary

11 June 2025

LEI: 213800QUODCLWWRVI968

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