AVI Global Trust plc (AGT) ORD GBP0.02

To achieve capital growth through a focused portfolio of investments, particularly in companies whose share prices stand at a discount to estimated underlying NAV. Investments are principally in companies listed on recognised stock exchanges in the UK and/or overseas. The Company generally invests on a long-only basis but may hedge exposures through the use of derivative instruments and may also hedge its foreign currency exposures. There are no geographic limits on exposure, as the Company invests wherever it considers that there are opportunities for capital growth.

The Investment Manager was entitled to an annual management fee of 0.70% of the NAV of the Company, up to GBP 1bn and 0.60% for that proportion of assets above GBP 1bn. Contract terminable on 6 months notice.

The Company will normally pay two dividends per year: an interim dividend declared at the time that the half year results are announced, and a final dividend declared at the time that the annual results are announced. The final dividend will be subject to shareholder approval at the Annual General Meeting each year.

Joe Bauernfreund

As of 1 October 2015, Joe Bauernfreund is the named portfolio manager of the AVI Global Trust. He joined Asset Value Investors in July 2002 as an Investment Analyst, following completion of a Masters in Finance from the London Business School. At first, Joe worked closely with John Walton in focusing on the European Holding Companies. He then covered the entire portfolio and became joint manager with John Pennink. Prior to joining Asset Value Investors, Joe worked six years for a real estate investment organisation in London.

Graham KitchenChairman, Anja Balfour, Neil Galloway, Calum Thomson, June Jessop