murray-intl.co.uk
Murray International Trust PLC
A high conviction global portfolio designed to deliver
a strong and rising income and to grow capital
Annual Report
31 December 2022
For more information visit
murray-intl.co.uk

Glasgow’s Finnieston Crane, a symbol of the city’s
industrial heritage. The Company’s roots can be
traced back to Glasgow’s thriving industrial and
shipbuilding-based economy
Murray International Trust PLC 129
Directors
D Hardie (Chairman)
C Binyon
V. Holmes
A Mackesy (Senior Independent Director)
N Melhuish
Secretaries and Registered Office
abrdn Holdings Limited
1 George Street
Edinburgh EH2 2LL
E-mail: CEF.CoSec@abrdn.com
Registered in Scotland as an Investment
Company
Company Number SC006705
Website
murray-intl.co.uk
Points of Contact
The Chairman, the Senior Independent Director and the
Company Secretary at the registered office of the
Company
Email: DavidHardie.Chairman@abrdn.com
Manager
abrdn Investments Managers Limited
Customer Services Department: 0808 500 0040
(free when dialling from a UK landline)
AIFM
abrdn Fund Managers Limited
Broker
Stifel Nicolaus Europe Limited
Registrars
Link Group
10th Floor, Central Square
29 Wellington Street
Leeds LS1 4DL
Tel: 0371 664 0300
(lines are open 9.00am-5.30pm Mon-Fri)
Tel International: (+44 208 639 3399)
E-mail: enquiries@linkgroup.co.uk
Share portal: signalshares.com
Depositary
The Bank of New York Mellon (International) Limited
Independent Auditor
BDO LLP
United States Internal Revenue Service
FATCA Registration Number (GIIN)
8Y8Z2N.99999.SL.826
Legal Entity Identifier (LEI)
549300BP77JO5Y8LM5
Contact Addresses

Murray International Trust PLC 1
“I am pleased to report that, despite the well-
reported and widespread turbulence of global
financial markets during 2022, the Company’s net
asset value (“NAV”) posted a total return for the
year ended 31 December 2022 (i.e. with net income
reinvested) of +8.8%. The Company has no
benchmark but this performance compares
favourably with a total return for the Reference
Index, the FSTE ALL World TR Index, of -7.3%”
David Hardie,
Chairman
“With global Central Banks increasingly devoid of
policy options and tarnished by diminishing
credibility, the outlook has rarely been so opaque.
The Company’s high conviction investment strategy
will remain focused on avoiding the pitfalls of
previous valuation excesses and emphasising
unaffected opportunities where realistic growth
and income prevails”
Bruce Stout,
abrdn Investments Limited

2 Murray International Trust PLC
Net asset value total return
AB
– 2022 Share price total return
AB
– 2022
+8.8% +20.6%
2021 +14.1% 2021 +7.2%
Reference Index total return
BC
– 2022
Premium/(discount) to net
asset value
AD
– 2022
–7.3% +3.1%
2021 +20.0% 2021 –6.8%
Dividends per share
BE
– 2022 Revenue return per share
B
– 2022
56.0
p
60.1
p
2021 55.0p 2021 51.7p
Retail Price Index
B
– 2022 Ongoing charges ratio
AD
+13.4% 0.52%
2021 7.5% 2021 0.59%
A
Alternative Performance Measure (see pages 108 to 110).
B
For the year to 31 December.
C
Reference Index is FTSE All World TR Index.
D
As at 31 December.
E
Dividends declared for the year to which they relate.
Net asset value per share Dividends per share Mid-Market price per share
At 31 December – pence Year ended 31 December – pence At 31 December – pence
1,108
1,190
1,138
1,240
1,293
18 19 20 21 22
51.5
53.5
54.5
55.0
56.0
18 19 20 21 22
1,132
1,260
1,130
1,156
1,334
18 19 20 21 22
Performance Hi
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Murray International Trust PLC 3
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR
IMMEDIATE ATTENTION
. If you are in any doubt about the
action you should take, you are recommended to seek
your own independent financial advice from your
stockbroker, bank manager, solicitor, accountant or other
independent financial adviser authorised under the
Financial Services and Markets Act 2000 if you are in the
United Kingdom or, if not, from another appropriately
authorised financial adviser. If you have sold or otherwise
transferred all your Ordinary shares in Murray
International Trust PLC, please forward this document,
together with the accompanying documents immediately
to the purchaser or transferee, or to the stockbroker, bank
or agent through whom the sale or transfer was effected
for transmission to the purchaser or transferee.
Overview
Financial Calendar 4
Financial Highlights 5
Strategic Report
Chairman’s Statement 8
Investment Manager’s Review 12
The Manager’s Investment Process Including ESG 19
Investment Case Studies 22
Key Performance Indicators (KPIs) 25
Performance Track Record 26
Investment Objective and Investment Policy 28
Promoting Your Company’s Success 29
Risk Management and Viability 35
Portfolio
Ten Largest Investments 40
List of Investments 41
Sector/Geographical Analysis 44
Governance
Board of Directors 50
Directors’ Report 53
Directors’ Remuneration Report 63
Report of Audit and Risk Committee 66
Statement of Directors’ Responsibilities 68
Independent Auditor’s Report to the Members of Murray
International Trust PLC 69
Financial Statements
Statement of Comprehensive Income 78
Statement of Financial Position 79
Statement of Changes in Equity 80
Statement of Cash Flows 81
Notes to the Financial Statements 82
Securities Financing Transactions Disclosure
(unaudited) 106
Alternative Performance Measures 108
Corporate Information
Information about the Manager 112
ESG and Climate Related Factors 113
Investor Information 116
Glossary of Terms 120
General
Notice of Annual General Meeting 123
Shareholder Information 128
Contact Addresses 129
Contents

4 Murray International Trust PLC
Payment dates of future quarterly dividends
5 May 2023
16 August 2023
17 November 2023
16 February 2024
Financial year end
31 December
Online Shareholder Presentation
Monday 3 April 2023 at 11.00 a.m.
Annual General Meeting (Glasgow)
Friday 21 April 2023 at 12:30 p.m.
Record date for the Share Split and disablement in CREST
of the existing ISIN for settlement
6:00 p.m. on 21 April 2023
Listing and Admission of the New Ordinary Shares expected
to commence
8:00 a.m. on 24 April 2023
Expected date for crediting CREST accounts with New Ordinary
Shares (where applicable)
24 April 2023
Expected date by which certificates in respect of New Ordinary
Shares are to be dispatched to certificated shareholders
By 5 May 2023
Dividends
Rate Ex-dividend date Record date Payment date
1st interim
12.0p 7 July 2022 8 July 2022 16 August 2022
2nd interim
12.0p 6 October 2022 7 October 2022 18 November 2022
3rd interim
12.0p 5 January 2023 6 January 2023 17 February 2023
Proposed final
20.0p 6 April 2023 11 April 2023 5 May 2023
Total dividends
56.0p
Financial Calendar

Murray International Trust PLC 5
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
31 December 2022 31 December 2021 % change
Total assets
A
£1,816.6m £1,760.9m +3.2
Net assets
£1,616.8m £1,561.1m +3.6
Market capitalisation
£1,667.7m £1,455.0m +14.6
Net Asset Value per Ordinary share
B
1,293.3p 1,240.3p +4.3
Share price per Ordinary share (mid market)
B
1,334.0p 1,156.0p +15.4
Premium/(discount) to Net Asset Value per Ordinary share
C
3.1% –6.8%
Net gearing
C
11.2% 12.2%
Revenue return per share
60.1p 51.7p +16.3
Dividends per share
D
56.0p 55.0p +1.8
Dividend cover (including proposed final dividend)
C
1.07x 0.94x
Dividend yield
C
4.2% 4.8%
Revenue reserves
E
£69.2m £63.0m
Ongoing charges ratio
C
0.52% 0.59%
A
See definition on page 121.
B
Capital values.
C
Considered to be an Alternative Performance Measure as defined on pages 108 and 109.
D
The figure for dividends per share reflects the years to which their declaration relates (see note 8 on page 88) and assuming approval of the final dividend of 20.0p (2021 – final
dividend of 19.0p).
E
The revenue reserve figure does not take account of the third interim and final dividends amounting to £15,002,000 and £25,003,000 respectively (2021 – third interim dividend of
£15,103,000 and final dividend of £23,813,000).
Financial Hi
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6 Murray International Trust PLC
Strategic
Report

Murray International Trust PLC 7
Murray International Trust PLC is an
investment company with its
Ordinary shares listed on the
premium segment of the London
Stock Exchange. The Company is an
approved investment trust and aims
to achieve an above average
dividend yield, with long-term growth
in dividends and capital ahead of
inflation, by investing principally in
global equities

8 Murray International Trust PLC
Performance
I am pleased to report that, despite the well-reported and
widespread turbulence of global financial markets during
2022, the Company’s net asset value (“NAV”) posted a
total return for the year ended 31 December 2022 (i.e.
with net income reinvested) of +8.8%. The Company has
no benchmark but this performance compares
favourably with a total return for the Reference Index, the
FSTE ALL World TR Index, of -7.3%. However, the
Company’s performance could not match an abnormal
rise over the same period of +13.4% for the UK Retail Price
Index (RPI). The share price posted a higher total return of
+20.6%. Increased income per share amounted to 60.1p
for the year (2021: 51.7p), enabling an ongoing
improvement in the level of dividend and a return to a fully
covered dividend.
Over three years, RPI has increased
+23.5%, the Reference Index has
returned +19.0% and the Company’s
NAV total return stands at +25.3%
It is also satisfying to note that the longer-term picture has
improved. Over three years, RPI has increased +23.5%, the
Reference Index has returned +19.0% and the Company’s
NAV total return stands at +25.3%.
The Manager’s investment focus continues to emphasise
both geographical and sector diversification across a
broad range of quality companies as we continue to seek
both long-term income and capital growth. Such
characteristics tend not to be represented in the more
concentrated Reference Index where a small number of
growth stocks have tended to dominate in recent years.
For this reason, relative performance in any shorter time
period can, and does, deviate significantly on a
comparative basis.
Dividends
Three interim dividends of 12.0p per share (2021: three
interims of 12.0p) have been declared during the year.
Your Board is now recommending an increased final
dividend of 20.0p per Ordinary 25p share (2021: final
dividend of 19.0p). If approved at the Annual General
Meeting, this final dividend will be paid on 5 May 2023 to
holders of Ordinary 25p shares on the register on 11 April
2023 (ex dividend 6 April 2023). If the final dividend is
approved, total Ordinary dividends for the year will
amount to 56.0p (2021: 55.0p), an increase over the
previous year of 1.8%. The level of increase reflects the
fact that the Company already pays a competitively high
dividend yield which stood at 4.2% at year end. This
represents the 18
th
year of dividend increases for the
Company, which remains an AIC ‘Next Generation
Dividend Hero’.
If the final dividend is approved,
total Ordinary dividends for the year
will amount to 56.0p (2021: 55.0p),
an increase over the previous
year of 1.8%
As a long-established investment trust, the Company had
the benefit of £69.2 million of distributable reserves on its
balance sheet at 31 December 2022, which have been
accumulated by the Company over many years from
retained earnings. The payment of the final dividend, if
approved, will result in the movement of £5.2 million to the
revenue reserves to strengthen them for the future. The
dividend cover at year end was 1.07x (2021: 0.94x). The
replenishment of reserves this year is in line with the policy
that we have highlighted to shareholders in previous
years. The Board intends to maintain the Company’s
progressive dividend policy. This means that, in some
years, revenue will be added to reserves while, in others,
some revenue may be taken from reserves to supplement
revenue earned during that year, in order to pay the
annual dividend. Shareholders should not be surprised or
concerned by either outcome as, over time, the Company
will aim to pay out what the underlying portfolio earns in
sterling terms.
Currency fluctuations may also have an impact on
income and therefore the level of dividend. The Board,
however, is maintaining the present policy not to hedge
the sterling translation risk of revenue arising from
non-UK assets.
Chairman’s Statement

Murray International Trust PLC 9
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Gearing
At the year end, total borrowings amounted to £200
million, representing net gearing (calculated by dividing
the total borrowings less cash by shareholders’ funds) of
11.2% (2021: 12.2%), all of which is drawn in sterling. In
May 2022, the Company utilised part of its £200m Loan
Note Shelf Facility, of which £50m had already been
drawn down, through the issuance of a £60 million 15 year
Senior Unsecured Loan Note at an all-in-rate of 2.83%.
The proceeds of the issue were used to repay the
Company’s £60 million fixed rate loan that matured at that
time. Under the terms of the Loan Note Agreement, dated
May 2021, up to an additional £90 million will also be
available for drawdown by the Company until May 2026.
The Board’s current intention is to only use this additional
amount to repay the Company’s existing debt as it falls
due over the coming years.
The Company is now considering options to replace the
next fixed rate loan which amounts to £60m and is due to
expire in May 2023. The Company will update
shareholders in due course.
Ongoing Charges Ratio (“OCR”)
The Board remains focused on controlling costs and on
delivering value to shareholders. The OCR for 2022 has
continued to trend downwards ending the year on 0.52%
(2021: 0.59%). The continued improvement reflects the
benefit of the reduction in management fee agreed with
effect from 1 January 2022.
The OCR for 2022 has continued to
trend downwards ending the year on
0.52% (2021: 0.59%)
Online Presentation and Annual General
Meeting (“AGM”)
In 2022 the Board for the second time held an online
shareholder presentation in advance of the AGM. It was
very well attended again and we hope that shareholders
found it informative. It also provided a useful opportunity
for the Board to receive feedback and views from
shareholders and to answer your questions. Given the
success of the online event, the Board has decided to
repeat the exercise again in 2023. We will hold another
interactive online shareholder presentation at 11.00 a.m.
on Monday 3 April 2023. This is in addition to the in-person
AGM. At the online presentation, shareholders will receive
updates from me, as Chairman, and the Investment
Manager, and there will be an interactive question and
answer session. Full details on how to join the online
shareholder presentation can be found in my
accompanying letter and further information on how to
register for the event can be found at
https://www.workcast.com/register?cpak=
4678784364872362.
We will hold another interactive
online shareholder presentation at
11.00 a.m. on Monday 3 April 2023
Following the online presentation, shareholders will still
have almost three weeks during which to submit their
proxy votes prior to the AGM and I would encourage all
shareholders (whether or not they intend to attend the
AGM in person) to lodge their votes in advance in
this manner.
The AGM has been convened for 12:30 p.m. on 21 April
2023, at the Glasgow Royal Concert Hall, and will be
followed by light refreshments and an opportunity to meet
the Board and the investment management team.
Ahead of the online presentation and AGM, I would
encourage shareholders to send in any questions that
they may have for either forum to: murray-intl@abrdn.com.
Management of Discount and Premium
At the AGM held in April 2022, shareholders renewed the
annual authorities to issue up to 10% of the Company’s
issued share capital for cash at a premium and to buy
back up to 14.99% of the issued share capital at a discount
to the prevailing NAV. During the year, 848,963 Ordinary
shares were purchased for Treasury, representing 0.7% of
the issued share capital. The Board will be seeking
approval from shareholders to renew the buyback
authority together with the authority to allot new shares or
sell shares from Treasury at the AGM in 2023. As in
previous years, new or Treasury shares will only be issued
or sold at a premium to NAV and shares will only be
bought back at a discount to NAV. Resolutions to this
effect will be proposed at the AGM and the Directors
strongly encourage shareholders to support
these proposals.

10 Murray International Trust PLC
Your Board continues to believe that it is appropriate to
seek to address temporary imbalances of supply and
demand for the Company's shares which might otherwise
result in a recurring material discount or premium. The
Board believes that this process is in all shareholders’
interests as it seeks to reduce volatility in the discount or
premium to underlying NAV whilst also making a small
positive contribution to the NAV. At the latest practicable
date, the NAV (excluding income) per share was 1339.9p
and the share price was 1339.0p, equating to a discount of
0.1% per Ordinary share compared to a premium of 3.1%
per Ordinary share at the year end.
Proposed Sub-division of Ordinary Shares
The market price of the Company’s existing Ordinary
shares ("existing Ordinary shares") has increased in recent
years to the point where the Ordinary shares regularly
trade at a market price of over 1300 pence. In order to
assist monthly savers, those who reinvest their dividends
and those who are looking to invest smaller amounts such
as younger investors, the Directors believe that it is
appropriate to propose the sub-division of each of the
existing Ordinary shares of 25 pence each into five new
Ordinary shares of 5 pence each (the ‘new Ordinary
shares’) (the "Sub-division"), thereby resulting in a lower
market price per Ordinary share. The Sub-division will not
itself affect the overall value of any shareholder’s holding
in the Company. The Directors believe the Sub-division
may also improve the liquidity in and marketability
of the Company’s Ordinary shares, which will benefit
all shareholders.
There will be no interruption to trading in the Ordinary
shares on the London Stock Exchange when the Sub-
division takes place. The new Ordinary shares will rank
equally with each other and will carry the same rights and
be subject to the same restrictions (save as to nominal
value) as the existing Ordinary shares, including the same
rights to participate in dividends paid by the Company.
The Sub-division requires the approval of shareholders
and, accordingly, Resolution 12 in the Notice of AGM seeks
this approval. The Sub-division is conditional on the new
Ordinary shares being admitted to the Official List of the
Financial Conduct Authority and to trading on the London
Stock Exchange’s main market for listed securities. If
Resolution 12 is passed, the Sub-division will become
effective on admission. Further details of the proposed
Sub-division are set out in the Directors’ Report on pages
61 and 62 of the published Annual Report and financial
statements for the year ended 31 December 2022.
Environmental, Social and Governance
(“ESG”) and Climate Change
The Company is not an ESG fund. However, as part of its
responsible stewardship of shareholders’ assets, your
Board continues to engage actively with the Manager with
regard to the ongoing assessment and further integration
of ESG factors into the Manager’s investment process.
The Board receives regular assessments of the
Company’s holdings and portfolio, including a MSCI fund
ratings report which currently gives the Company’s
portfolio a rating of ‘AA’ (2021: ‘AA’). Further information on
the important work undertaken on ESG and climate
change by the Manager is provided in the ‘Information
About the Manager’ section on pages 113 to 115.
Without becoming prescriptive on specific investment
criteria, the Board’s desire is for the Manager to continue
to incrementally improve the portfolio’s ESG credentials
and to seek to exploit opportunities arising from a net zero
economy, in so far as this is consistent with the Company’s
investment objective. A key ingredient in building such a
portfolio is meaningful, regular and continuing dialogue
between the Manager and investee companies, with a
view not only to understanding the risk exposure and
evolving business models better but also to influencing
corporate behaviour.
Succession Planning
In June 2022, we welcomed Virginia Holmes to the Board
as an independent non-executive Director following the
culmination of an extensive search process using the
services of an independent recruitment consultant.
Virginia is the former CEO of AXA Investment Managers
Limited and has brought significant senior asset
management expertise and experience to the Board. She
is currently Chair of Trustees at the Unilever UK Pension
Fund, Senior Independent Director at both Syncona and
European Opportunities Trust and Chair of the
Remuneration Committee at Intermediate Capital Group
plc. She was previously Chair of USS Investment
Management and of BA Pension Trustees, a founder
Director of the Investor Forum, Non Executive Director
of Standard Life Investments plc and Chair of the
Investment Committee at Alberta Investment
Management Corporation.
Chairman’s Statement
Continued

Murray International Trust PLC 11
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
This year marks the completion of my period of tenure on
the Board following my appointment as a Director in 2014
and subsequent selection as Chairman in 2021, after the
sad and untimely death of Simon Fraser. At the time of the
AGM, I will have been on the Board of the Company for
almost 9 years and the Board has asked me to remain as
Chairman for a short while in order to complete the
Board’s succession planning exercise.
Excellent progress has been made and we expect to
announce two new appointments to the Board over the
coming months. I shall be standing down from the Board
on 31 December 2023 and I am delighted to report that
Virginia Holmes will take on the Chair role from that date.
Following these changes, the Board is expected to return
to its previous complement of six and is expected to be in
compliance with the recommendations of the Parker
Review on diversity in the UK boardroom.
abrdn Name Changes
In line with the Manager’s ongoing rebranding exercise,
during the year our Alternative Investment Fund Manager
changed its name from Aberdeen Standard Fund
Managers Limited to abrdn Fund Managers Limited, our
Investment Manager became abrdn Investments Limited
(from Aberdeen Asset Managers Limited) and our
Company Secretary changed its name from Aberdeen
Asset Management PLC to abrdn Holdings Limited. There
is no intention to change the name of the Company.
Outlook
Looking forward, deep-rooted macroeconomic difficulties
are likely to continue to impact the direction of financial
markets. Seldom has the economic outlook seemed so
uncertain. Numerous heavily indebted nations and
corporates are confronted with significantly higher
borrowing costs that will ultimately constrain future
growth. The task of controlling inflation may exert
significant damage on already fragile economies,
suggesting that policymakers negotiating the treacherous
tightrope between recovery and recession have little
room for error. Whilst prices of goods and services should
moderate as supply / demand dynamics normalise, wage
inflation may prove more problematic. Meanwhile,
businesses must quickly adapt to the unfolding backdrop
of higher input, labour and capital costs occurring
simultaneously with softening consumer demand and
changes to global supply chains.
From a portfolio perspective, the Company’s
unconstrained global mandate continues to enable great
investment flexibility under constantly changing
circumstances. The past twelve months bears testimony
to that. The re-emergence of inflation that unleashed a
raft of negative surprises on so many unprepared
companies in the West is not so unfamiliar elsewhere in
the world. Inevitably attractive investment opportunities
will emerge as asset prices readjust. Identifying
companies that can exert some degree of pricing power,
have favourable industry dynamics and seasoned
management familiar with evolving realities will be key.
Strict adherence to tried and trusted investment principles
as always gives a degree of comfort during periods of
such investment flux. The Manager believes strongly in
its disciplined investment process as a means by which
to identify appropriate opportunities to deliver the
capital and income strategies of our mandate. Current
portfolio positioning reflects this, with high conviction,
diversified exposures designed to deliver the Company’s
long-term objectives.
Finally, as I wrote last year, your views matter. Your Board
greatly values shareholder comments and I encourage
you to email me with your views at:
DavidHardie.Chairman@abrdn.com.
David Hardie
Chairman
2 March 2023
The Manager believes strongly in
its disciplined investment process
as a means by which to identify
appropriate opportunities to deliver
the capital and income strategies
of our mandate

12 Murray International Trust PLC
Background
Thrift and abstinence are rarely recognised as
advantageous attributes of contemporary investment
management. In the current dynamic, digital world of
conspicuous consumption and instant gratification, such
pragmatic peculiarities regularly attract sanctimonious
scorn from those at the vanguard of innovation and
change. Incompatible with justifying the unjustifiable, such
‘constraining characteristics’ invariably attract maximum
vitriol during periods of excessive exuberance when
prevailing valuations reach unwarranted levels. Irrational
expectations simply cannot entertain the reality of
common sense when the next new investment paradigm
is being unequivocally venerated. Yet thrift and abstinence
feature prominently in long-term sustainable wealth
creation. Perhaps even more so in wealth preservation!
The sobering reality of the past twelve months simply
reinforced that yet again “it’s not different this time”.
Economics, commerce, business, social interaction and
lifestyles constantly change and adapt but, when
reflected in valuations of equities and bonds, what
consistently matters most are ultimately profits, cash flows
and interest rates. Unfolding financial events throughout
2022 looked no further than the past for vindication.
Anyone remotely familiar with previous periods of
inflation-induced policy tightening understands the
consequences such actions have on prevailing market
insanities. For seasoned investors well versed in
macroeconomic history, the song remained very much
the same.
With prices rising at the fastest pace in forty years,
inflationary pressures were already well established long
before the Russian invasion of Ukraine in late February
2022. Escalating conflict between two key global
commodity producers undoubtably poured fresh fuel on
the fire of soaring food and energy prices, but the
Developed World’s mutating inflation problem harboured
deeper historical heritage. Twenty years of Central Bank-
orchestrated financial repression was about to be
exposed as the untenable sham it always was. For
centuries, printing money bequeaths inflation. Two
decades spent doing exactly that, appeasing financial
markets, inflating asset prices and abdicating
responsibility for managing long-term price stability
defines the incompetent legacy of recent Central Bank
custodians. Throughout the period, excessive
unconventional monetary policy postponed painful
adjustment, providing superficial respite from harsh
realities. But, having effectively monetised each and every
financial crisis of the current century, huge unsustainable
debt legacies were about to become increasingly
scrutinised through the lens of rising bond yields. With
spiralling debt-servicing costs inherent in higher interest
rate and inflationary conditions, spending without
restraint comes with serious economic and financial
consequences. As the penny dropped, the retrospective
wisdom of policymakers and politicians alike
proved deafening.
Experiencing an epiphany of belated inflation realisation,
consensus opinion abruptly disposed of ‘temporary’ and
‘transitory’ from the popular lexicon. Hitherto transient
inflation was allegedly now in danger of becoming
entrenched, so drastic action ensued. As policymakers
embarked on the most brutal series of interest-rate hikes
for fifty years, it was hardly surprising significant wealth
destruction occurred. Both fixed income and equity
markets endured a torrid twelve months. Without their
buyers of last resort (Governments), bond markets
plunged. Investors, fearful of nominal fixed returns being
eroded in an inflationary world, exited at seemingly any
price. Beyond bond markets, the myth of non-profitable
growth companies constantly performing in a rising yield
environment crumbled in the face of such adversity.
Having boomed for over a decade, speculative asset
classes such as unlisted securities, private equity and
cash-burning business models of the so-called ‘new
economy’ were confronted with the new reality. The price
of money was going up. For those followers of fashion, to
whom present valuation is ignored in favour of future
growth potential, the crushing weight of history was
closing in. When liquidity contracts, such unproven
investment requires strong stomachs. We are yet to find
out just how strong.
Refusal to recognise macroeconomic realities and Covid
induced distortions remained noticeably absent from
progressive policies being pursed elsewhere in the world.
Here fiscal and monetary restraint generally prevailed.
Indeed the stark contrast between reactive interest rate
rises throughout 2022 in the debt dependent Developed
World and proactive monetary tightening enacted twelve
months previously in 2021 across the Developing World
couldn’t have been more pronounced. With local interest
rates free to price risk accordingly, pre-emptive policy
actions in Asia and Latin America prevented undue
inflationary concerns, providing a platform for imminent
monetary easing. Out-with the arguably over-valued
technology sectors in China and Taiwan, most Emerging
Markets trod water over the period. International risk
appetite remained unsurprisingly paralysed given events
unfolding elsewhere, but subdued sentiment can rapidly
change. China’s year-end U turn on Covid policy
undoubtably enhances prospects for the country and
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
region, should consumer demand accelerate and
domestic property markets stabilise. Unburdened by
punitive debt obligations and free from unrealistic
expectations, Asia and Latin America emerged relatively
unscathed from the financial havoc unfolding elsewhere.
Nurturing high hopes of post Covid normalisation, the year
began with investor optimism over promises, progress and
prosperity. By period end, conventional wisdom had been
battered, bruised and burned by the all too familiar
investment bogeymen of inflation, rates and recession.
Having been brought back to economic and financial
sobriety, investor focus once again recalibrated from
tomorrow’s possibilities to today’s profits. Given evolving
global macroeconomic issues and rising geo-political
uncertainty, such pragmatism is welcomed.
Portfolio Activity
Portfolio turnover was 11% of gross assets relative to 12%
in 2021 and reflects a continuing decline to more normal
levels over the twelve month period. Although market
volatility occasionally spiked higher, most notably during
the Russian invasion of Ukraine and the UK’s politically
induced meltdown of late September, periods of
extended price distortions seldom prevailed. That said, the
former presented opportunities to increase exposure to
European equities, the latter to reflect on the beauty of the
Trust’s unconstrained, globally diversified mandate!
Exposure to Emerging Market Bonds continued to be
reduced, thereby increasing overall equity exposure by
year end to 103.1% compared to 102.5% at financial year-
end 2021.
North American exposure decreased by the greatest
amount on selective divestment of three established
positions which had performed extremely well and were
deemed to be fully valued. Consequently Nutrien, Pepsico
and Schlumberger were sold outright, with a new purchase
of leading global pharmaceutical company Merck slightly
offsetting overall regional reduction.
Latin American exposure once again witnessed
significant profit taking purely for reasons of valuation
and strong performance. The reduction of Chilean
lithium producer Sociedad Quimica (SQM) and Mexican
airport operator Grupo Asur echoed similar capital
re-allocation trades made last year, but large residual
positions remain reflecting positive, long-term prospects
for both companies.
Overall Asian exposure slightly declined on a net basis,
with outright sales of Castrol India and Indocement. Profit
taking in Taiwan Semiconductor and GlobalWafers also
raised cash which was partially offset by additional
investment in existing holdings of Hon Hai Precision and
Samsung Electronics plus a newly established position in
Woodside Energy in Australia.
European exposure increased significantly with the lion’s
share of re-cycled profits invested in the region. New
positions were established in Dutch technology company
BE Semiconductor, in leading global industrial
conglomerate Siemens of Germany and in worldwide
food processing company, Danone in France. Various
existing holdings, such as Nordea, Zurich Insurance and
Enel were added to during periods of weakness. Over the
period there were no transactions within UK equities. Two
bond holdings were fully divested, namely Mexican
communications company America Movil and the shorter-
dated Indian corporate ICICI Bank, taking the total number
of equity and bond holdings at year end to 51 and
18 respectively.
From an overall investment perspective, the emphasis
continues to favour diversified asset exposures in
companies deemed beneficiaries of the evolving
backdrop, maintaining a “barbell” strategy of owning both
growth and cyclical stocks. Structurally higher inflation is
supportive of companies owning real assets and those
possessing pricing power, whilst selective growth
companies should benefit from accelerating trends in
industrial automation, semiconductor miniaturisation and
digital communications. The greatest potential for positive
cyclical momentum upside surprises can still be identified
in Asia and other countries where substantial pent up
demand from prolonged Covid effects still exists.
Corporate earnings may be under recessionary threat
elsewhere, but scope exists for upwards earnings and
dividends revisions in Latin America and Asia. In such
regions, sectors and businesses the portfolio remains
meaningfully invested.

14 Murray International Trust PLC
Performance
The NAV total return for the year to 31 December 2022 with net dividends reinvested was +8.8%. This compared
favourably with the Reference Index (FTSE All World) total return of -7.3%. The top five and bottom five stock
contributors are detailed below:
Top Five Stock Contributors %* Bottom Five Stock Contributors %*
SQM 1.8 GlobalWafers -1.8
Grupo Asur 1.7 Taiwan Semiconductor -0.5
AbbVie 1.0 Samsung Electronic -0.4
Schlumberger 0.9 Telenor -0.2
Vale 0.9 CME Group -0.2
* % relates to the percentage contribution to return relative to the Reference Index (FTSE All World TR Index)
Over the full financial year, the high single-digit total return
on gross assets was welcomed although, in real terms the
exceptionally high 13.4% rate of UK Retail Price Inflation
proved a tough hurdle to match. Overall global equity
market weakness was not reflected in the total gross
asset return primarily due to broad portfolio diversification
and strong defensive stock performance. In capital terms,
Latin America delivered by far the strongest regional index
returns in what proved to be a very tough year for capital
growth. This was very much reflected in portfolio returns
with a +38% contribution to overall performance from the
Latin American region. Although the UK equity market
proved to be the only other ‘region’ to deliver a positive
return over the twelve month period, the portfolio’s
regional exposures faired much better with positive
contributions recorded from five of the six regional asset
areas. Strong stock selection prevailed in most areas, with
only Asian holdings marginally declining in absolute terms.
Sterling weakness against most portfolio currencies was
modestly supportive, most noticeably against the US
Dollar. European markets suffered the negative ripple
effect consequences of war in Ukraine and Russian
energy dependency, whilst Asia also declined in Sterling
terms as China’s zero Covid policy kept most investors
cautious on equity markets. North America witnessed its
weakest market returns for over a decade, with the
Technology heavy Nasdaq declining -25.0% in Sterling
terms. A positive North American portfolio return of +13.9%
was achieved through high quality, defensive stock
selection. Despite significant reductions to Emerging
Market Bond exposures since the outbreak of Covid,
portfolio returns in Sterling terms also continued to be
positive. In what proved a particularly, problematic period
for over-extended markets and growth stocks, it was
gratifying to record robust individual stock performance
across a variety of sectors and industries. Companies
operating in Basic Materials, Energy, Healthcare,
Consumer Staples, Real Estate and Financials all
contributed to overall positive returns, once again
emphasising the importance of the diversified, quality-
focused strategy.
Predicting dividend income over the financial year proved
slightly more straight-forward than in the preceding two
Covid-infected financial periods. As supply-side
interruptions waned, some semblance of corporate
normality was restored, albeit with business conditions
constantly being impacted by higher wage and input
costs plus growing fears over recession. Positive cash
flows became an increasingly precious commodity,
particularly when faced by equity markets beginning to be
squeezed by tighter liquidity. Currency movements
against Sterling experienced relatively normal volatility
within an historical context (outwith the farcical forty-four
days of the Truss Premiership), with the usual
unpredictability of magnitude and direction. Sterling
weakness against practically all portfolio currencies over
the period proved modestly positive in translation of
dividend income accrued from the portfolio’s diversified
global holdings. Dividend increases from portfolio
companies generally exceeded conservative estimates,
with 80% falling into this category. Whilst notoriously
difficult to predict, sectors such as Basic Materials and
Energy experienced familiar fluctuating income
expectations, yet over the financial period the net effect
from positive and negative “surprises” was negligible.
Overall gross income accrued increased +12.8% year-on-
year, with earnings per share growth of +16.3% reflecting
the positive impact of share buybacks during the period.
Continued
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Attribution Analysis
The attribution analysis below details the various influences on portfolio performance. In summary, of the 1650 basis
points (before expenses) of performance above the Reference Index, asset allocation added 410 basis points and stock
selection contributed 1240 basis points. Structural effects, relating to the fixed income portfolio and gearing net of
borrowing costs, added 40 basis points of relative performance.
Company Reference index
A
Contribution from:
Asset Stock
Weight Return Weight Return Allocation Selection Total
% % % % % % %
UK
7.7 36.6 3.8 5.3 –0.1 0.9 0.8
Europe ex UK
25.6 5.2 13.0 –9.6 0.1 3.4 3.5
North America
28.2 13.9 61.4 –8.8 0.5 6.7 7.2
Japan
– – 6.3 –4.8 –0.2 – –0.2
Asia Pacific ex Japan
24.6 –5.1 12.8 –5.9 0.4 0.2 0.6
Other International
13.9 18.0 2.7 30.4 3.4 1.2 4.6
Gross equity portfolio return
100.0 9.2 100.0 –7.3 4.1 12.4 16.5
Fixed income
0.6
Gross portfolio return
9.8
Management fees and admin expenses.
–0.6
Tax charge
–0.6
Finance costs
–0.2
Technical differences
0.4
Total return
8.8 –7.3
A
Reference Index – FTSE All World TR Index
Notes to Performance Analysis
Asset Allocation effect – measures the impact of over or underweighting each asset category, relative to the benchmark weights.
Stock Selection effect – measures the effect of security selection within each category.
Technical differences – the impact of different return calculation methods used for NAV and portfolio performance
Source: abrdn & BNP Paribas Securities Services Limited. Figures may appear not to add up due to rounding.

16 Murray International Trust PLC
Global Review
The deeply distorted business backdrop that greeted the
onset of 2022 concealed the chasm of macroeconomic
honesty and integrity that exists throughout the world. The
transparent monetary orthodoxy prevailing in Developing
economies versus the opaque policy unorthodoxy
complicit with persistent profligacy in the so-called
Developed World. Unrepentantly pursuing interest-rate
policy inertia to cover up the cracks of unsustainable debt
dependency, unjustified prosperity entitlement and
widespread structural demise, a rude awakening
belatedly descended on policymakers in the Developed
World. Inflation was alive, well and most definitely
unwelcome to Wall Street and those with their heads
firmly in the sand.
What transpired in the United States exemplified yet again
the financial pain that accompanies disrobing of delusions.
The largest annual upward move in the US Federal
Reserve’s benchmark lending rate since 1973 caused US
mortgage rates to soar. Widespread bond market
weakness proved an inevitable consequence. Both
domestic equity and bond markets sharply declined, the
first such ‘in tandem’ occurrence for fifty years.
Sanctuaries of capital preservation were unsurprisingly
few and far between. The plunge caused significant value
destruction to technology titans of the past decade, the
new economy stocks of the Covid lockdowns,
cryptocurrencies and numerous other unproven business
concepts that so often characterise the final stages of a
speculative bull market. Yet most events that defined 2022
in the United States came straight out of a macro-
economic textbook! Unfortunately for bruised and
battered investors the logical progression from here
makes uncomfortable reading. Higher bond yields, a
collapse in money supply, tightening affordability in the
housing market and contracting manufacturing all point
to at best recession, at worst, stagflation. Longer-term,
financial markets still have many problems to digest.
Corporate earnings expectations remain totally detached
from reality; asset quality is likely to deteriorate as
economic growth contracts; poor risk management, over-
optimism and incompetence has led to the usual gross
mis-allocation of capital into non-profitable, liquidity
dependent businesses unlikely to survive in a higher
interest rate environment. Irresponsible Federal Reserve
policy directed at managing asset prices rather than price
stability has created an enormous debt legacy needing to
be addressed; in doing so, upward pressure on bond yields
may constrain growth and prosperity beyond the confines
of any normal business cycle. With US equity and bond
markets increasingly expecting policymakers to once
again capitulate and do “whatever it takes” to appease
short-term interests, great scope for disappointment
exists in the medium-term outlook for US financial assets.
The UK and European financial markets faced similar
issues related to belatedly recognising resurgent inflation
and its accompanying consequences. Desperately
detached from economic realities, The Bank of England
and European Central Bank proved powerless to maintain
their veneer of credibility. Frantically hiking interest rates
retrospectively in response to spiralling prices fooled no
one – bond markets sold off sharply and equities struggled
to preserve capital. Whilst the narrow UK FTSE 100 ended
in positive territory, broader indices of UK companies
endured double-digit declines. The perceived “defensive”
nature of the UK equity market primarily equates to
significant index presence of Consumer Staples and
Healthcare companies and their dividend paying culture.
Yet globally such opportunities can increasingly be found
elsewhere, often with higher growth characteristics and
superior dividend potential. Historically the UK’s energy
and commodity sectors that remain over-represented in
the market have tended not to provide robust downside
protection when recession strikes. Consequently the
current low portfolio weighting to the UK is unlikely to
change. Perhaps somewhat paradoxically, given the
ongoing war in Ukraine and evidence of increasingly
strained EU political dynamics, the investment outlook for
portfolio holdings in Europe is arguably more transparent.
European Industrials such as Epiroc, Atlas Copco, Siemens
and BE Semiconductor endured an extremely tough 2022.
Constant downward earnings revisions, contracting equity
price-earnings multiples and cautious trading statements
prevailed throughout. But, at current valuations, future
risk-reward prospects are undoubtably compelling,
especially with sentiment being ubiquitously negative.
Shunned by global investors in a world until recently
infatuated with US Technology stocks, Europe offers
intriguing opportunities against the current backdrop of
higher interest rates and uncertainty.
Unburdened by systemic vulnerability and unfettered by
secular, short-term interests, policy directives in the
Developing World remained appropriate and prudent. All
too familiar with how high inflation disproportionally
decimates the purchasing power of low-income earners,
policymakers throughout Asia and Latin America had
anticipated the majority of 2022 developments. Significant
proactive interest rate hikes in 2021 prepared the
economic landscape for escalating inflationary pressures
witnessed in 2022, consequently such foresight had prices
controlled and declining by period end. Having anchored
expectations, bond markets remained sanguine over
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future prospects and equity markets weathered storms
raging elsewhere. The one noticeable exception was
China. Strict adherence to a zero Covid policy constrained
Chinese economic growth for most of the period. Geo-
political tensions with the United States also materially
escalated at times and for the most part international
investors divested Chinese assets amidst ongoing
uncertainties. Yet by period end the outlook had materially
changed. China’s abrupt U turn on its zero Covid policy in
December arguably enhances the outlook significantly,
presenting numerous potential growth benefits for the
country, region and beyond. Amongst potential
beneficiaries are global commodity markets, Taiwanese
manufacturers of semiconductors and electronic
components, not to mention exporters of consumer
goods desired by China’s rapidly expanding middle
income population. Whilst improvement is unlikely to be
instantaneous, the direction of travel looks encouraging.
For Latin America, where significant capital and income
returns continue to contribute greatly to portfolio
performance, the outlook remains as interesting as ever.
The region delivered the best performance in Sterling
terms in 2022 of any global geographical region, the ninth
time this has happened in the past twenty years. Business
prospects continue to flourish, whilst investment
opportunities prosper often at discounted valuations given
Mexico, Brazil and Chile unjustly remain ignored in an
increasingly passive-investment obsessed world. With
sustainable declining inflation in sight, let the monetary
easing begin.
Summary of Investment Changes During the Year
Valuation Appreciation/ Valuation
31 December 2021 (depreciation) Transactions 31 December 2022
£’000 % £’000 £’000 £’000 %
Equities
UK
85,872 5.0 14,533 (31,634) 68,771 3.9
Europe ex UK
304,887 17.5 (1,512) 144,960 448,335 25.1
North America
496,896 28.6 44,285 (72,697) 468,484 26.2
Asia Pacific ex Japan
503,319 28.9 (41,459) (17,557) 444,303 24.9
Latin America
184,065 10.6 57,512 (22,777) 218,800 12.3
Africa
15,794 0.9 (3,355) - 12,439 0.7
1,590,833 91.5 70,004 295 1,661,132 93.1
Preference shares
UK
7,637 0.4 (1,368) - 6,269 0.3
7,637 0.4 (1,368) - 6,269 0.3
Bonds
Europe ex UK
6,023 0.4 737 11 6,771 0.4
Asia Pacific ex Japan
52,526 3.0 (1,173) (4,274) 47,079 2.6
Latin America
66,703 3.8 (1,806) (17,107) 47,790 2.7
Africa
15,590 0.9 7 182 15,779 0.9
140,842 8.1 (2,235) (21,188) 117,419 6.6
Total Investments
1,739,312 100.0 66,401 (20,893) 1,784,820 100.0

18 Murray International Trust PLC
Outlook
For disciples of pragmatic financial fundamentalism,
forecasting future prospects remain anchored in well-
trodden historical paths. Whilst innovation, invention and
change will always dictate improvement, advancement
and growth, the investment valuations ascribed along the
way invariably reflect the bi-polar extremes of human
emotions. Therein lies the most toxic cocktail within
investment management. When feelings and finance
entwine, poor judgement tends to prevail. Endemic to
each and every mania, panic and financial crash
throughout the course of history is irrational valuation
based ultimately on emotion. Having recently endured yet
another prolonged period of such eccentric absurdity,
some financial markets remain bloated with
unsustainable excess. Through the unprejudiced prism of
the past it is possible to assess some possible prospects for
the future
In simplistic terms, what to avoid, and what to assert?
Assuming inflation, recession and interest rates remain as
influential as ever, some observations are worth
emphasising. Global commodity prices are as
unpredictable as they are volatile, so projecting peaks and
troughs is futile. Such “cyclical” inflation comes and goes,
but structural inflation found in wages, rents and index-
linked government spending seldom subsides painlessly.
Increasingly vulnerable to the latter, the debt-laden
Developed World is perilously close to being deeply
infected by such intransigence. Stronger inflation-fighting
credentials by Central Banks in the Developing World
suggest less ambiguity ahead. Similarly, sharply higher
interest rates carry acutely divergent consequences for
respective economies. Where there are deficits, debt and
distrust, the odds of avoiding recession are slim. Paralysis
of purchasing power and collapsing consumer
confidence see to that. Where savings culture prevails and
favourable demographics fuel growth, temporary tighter
monetary policies prove less disruptive. Focusing on
businesses in countries with such characteristics remains
forefront to the Company’s investment strategy.
Finally, the question of legacy must be addressed in any
projected outlook. It would be naïve to ignore the past
when considering the future. From the vast library of
financial mistakes made throughout history, certain trends
are clearly apparent. Acute equity market shocks tend to
repair quickly when only one specific sector was
excessively valued. Previous Energy and Consumer
Staples-led dislocations are examples of this.
Considerably more time is required to emerge from
financial market crises related to systemic failures such as
Asia in the late 1990s and the banking failures of 2007/08.
Most ominously, recession-linked asset bubbles fuelled by
artificially manipulated interest rates and fixed income
markets require long, slow and painful readjustment to
cleanse the system of financial excess. Current evidence
suggests the Developed World is descending towards the
latter. With global Central Banks increasingly devoid of
policy options and tarnished by diminishing credibility, the
outlook has rarely been so opaque. The Company’s high
conviction investment strategy will remain focused on
avoiding the pitfalls of previous valuation excesses and
emphasising unaffected opportunities where realistic
growth and income prevails.
Bruce Stout
Senior Investment Director
Martin Connaghan,
Investment Director
Samantha Fitzpatrick,
Investment Director
abrdn Investments Limited
2 March 2023
Investment Mana
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The Company’s Alternative Investment Fund Manager is
abrdn Fund Managers Limited (“aFML”) which is
authorised and regulated by the Financial Conduct
Authority. Day-to-day management of the portfolio is
delegated to abrdn Investments Limited (“aIL”). aIL and
aFML are collectively referred to as the “Investment
Manager” or the “Manager”. The ultimate parent of aIL
and aFML is abrdn plc.
The Manager believes that deep fundamental research
into companies, mediated through team debate and a
rigorous stock selection process, is the key to unlocking
investment insight and driving investment returns for
clients such as the Company. The Manager utilises a truly
bottom-up, fundamental stock-picking approach, where
sector, regional and country allocations are a
consequence of the bottom-up stock selection decisions,
constrained by appropriate risk controls. The Manager
operates a comprehensive risk system with tools that
provide better insights for its individual fund managers and
a more complete understanding of all risk exposures in the
portfolios to ensure that the managers only take the sort
of risk that the Manager is comfortable with and can back
with insight from extensive first hand research.
The Manager takes a long-term quality approach by
focusing on companies that the research analysts identify
as high quality. This involves assessing each company on
five key factors, namely the durability of the business
model and moat, the attractiveness of the industry, the
strength of the financials, the capability of management,
and assessment of the company’s ESG credentials. In the
assessment of what is an appropriate valuation for a
company, the Manager focuses primarily on earnings
yields, free cashflow yields and dividend yields, set against
expected long-term growth rates for those elements. The
Manager targets a double digit implied annual return.
The Investment Process, Philosophy
and Style
Idea Generation
The Manager’s scale affords coverage of a wide and
dynamic universe, with in-depth, locally-sourced insights
with over 1,000 investment professionals across the world
supporting fundamental stock research and insight
generation. Research coverage is organised by region
and on a sector basis, with analysts developing deep
expertise which enables them to identify investment
opportunities through fundamental knowledge at both the
sector and stock level. The Manager has excellent access
to the companies which it researches, through structured
meetings and regular conversations with key decision-
makers and conducts several thousand company
meetings per year, in addition to the many ESG
engagements undertaken with companies. The Manager
conducts over 6,000 company meetings each year and
maintains a global coverage list of over 2,000 stocks.
Research
The Manager has developed a proprietary research
platform used by all its equity, credit and ESG teams, giving
instant access to research globally. The research is
focused on four key areas:
· Foundations – the Manager analyses how the company
makes money, the attractiveness and characteristics of
its industry, and the strength and sustainability of the
economic ‘moat’. This includes a thorough evaluation of
the ESG risks and opportunities of the company. Face-
to-face meetings anchor how the Manager
understands and challenges the key elements of a
company’s fundamentals: the evolution and growth of
the business; the sustainable competitive advantage;
management’s track record of execution and
managing risk; past treatment of minority shareholders;
the balance sheet and financials; and ESG risks and
opportunities of the company in question.
· Dynamics – the shorter- and longer-term dynamics of
the business that will be the key determinants of its
corporate value over time. Specifically the Manager
looks for changes in the factors driving the market price
of a stock, identifying the drivers that the wider market
may not be pricing in. Understanding the dynamics
behind these drivers allows the Manager to focus on the
factors that will drive shareholder returns from a
particular stock.
· Financials and Valuation – the Manager examines the
strengths and weaknesses of the company’s financials
including a thorough analysis of the balance sheet, cash
flow and accounting, the market’s perception of the
company’s future prospects and value, and its own
forecasts of future financials and how the stock should
be priced. This includes significant focus on the dividend
paying capability of each business, the potential for
dividend growth and the sustainability of the payout.
· Investment insight and risk – the Manager articulates its
investment thesis, explaining how it views a stock
differently from the market consensus and how the
Manager expects to crystallise value from the holding
over time.
The Mana
g
er’s Investment Process Includin
g
ESG

20 Murray International Trust PLC
Integrated ESG and Climate
Change Analysis
Whilst ESG factors are not the over-riding criteria in
relation to the investment decisions taken by the Manager
for the Company, significant attention is given to ESG and
climate related factors throughout the Manager’s
investment process. The Manager gives particular weight
to ESG factors when they are material to the investment
case being made for an investee company.
In the Manager’s view, companies that successfully
manage climate change risks will perform better in the
long term. It is important that the Manager assesses the
financial implications of material climate change risks
across all asset classes, including real assets, to make
portfolios more resilient to climate risk.
The detailed analysis of the Manager’s embedded ESG
process is contained on pages 113 to 115.
Idea Capture
To ensure that the Manager captures the best ideas from
the global research platform, the Global Equity Team is
fully integrated into the regional research process. The
Team mirrors the sector specialisms across the various
regional desks and they contribute to, and participate in,
the investment debate of the stocks in their sector. Being
fully integrated allows the Team to be present at all stages
along the investment journey and build their own
conviction into the underlying investment cases.
The Team attends company meetings as well as the
regional teams’ sector review meetings, facilitating deep
knowledge of the companies and the degree of
conviction underpinning the investment insights. This
allows the Team to capture effectively the highest
conviction ideas and the most important news flow across
the research platform.
Peer Review
Having a common investment language facilitates
effective communication and comparison of investment
ideas through peer review which is a critical part of the
process. All investment ideas are subject to rigorous peer
review, both at regular meetings and on an ad hoc basis –
and all team members debate stocks, meet companies
from all industries, and given their dual fund manager /
analyst role are incentivised to fully participate in the
entire process.
Portfolio Construction/Risk Controls
Portfolios are built from the bottom up, prioritising high
conviction stock ideas in a risk aware framework, giving
clients access to the best investment ideas. Portfolio risk
budgets are derived from clients’ investment objectives
and required outcomes. Peer review is an essential
component of the construction process with dedicated
portfolio construction pods (smaller dedicated groups of
senior team members that have clear accountability for
the strategy) debating stock holdings, portfolio structure
and risk profiles.
As an active equity investor the Manager has adopted a
principled portfolio construction process which actively
takes appropriate and intentional risk to drive return. The
largest component of the active risk will be stock-specific
risk, along with appropriate levels of diversification. Risk
systems monitor and analyse risk exposures across
multiple perspectives breaking down the risk within the
portfolio by industry and country factors, by currency and
macro factors, and by other fundamental factors (quality,
momentum, etc.). Consideration of risk starts at the stock
level with the rigorous company research helping the
Manager to avoid stock specific errors. The Manager
ensures that any sector or country risk is appropriately
sized and managed relative to the overall objectives
of the Company.
Operational Risk and Independent
Governance Oversight
Risk management is an integral part of the Manager’s
management process and portfolios are formally
reviewed on a regular basis with the Manager’s Global
Head of Equities, the Portfolio Managers, the Manager’s
Investment Governance & Oversight Team (IGO) and
members of the Manager’s Investment Risk Team. This
third party oversight both monitors portfolio risk and also
oversees operational risk to ensure client objectives
are met.
The Mana
g
er’s Investment Process Includin
g
ESG
Continued

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Delivering the Investment Policy
Day-to-day management of the Company’s assets has
been delegated to the Manager. The Manager invests in a
diversified range of international companies and securities
in accordance with the investment objective.
The team is led by Bruce Stout with dedicated support
from Martin Connaghan and Samantha Fitzpatrick. The
management team utilises a “Global Coverage List” which
is constructed by each of the specialist country
management teams. This list contains all buy (and hold)
recommendations for each management team, which
are then used by the portfolio manager as the Company’s
investment universe. From this pool of companies the
Manager looks to construct a focused portfolio of 40 - 60
companies, selecting those companies that have the most
attractive quality and valuation characteristics, offering
the best expected risk adjusted returns, within a diversified
portfolio. Position sizes typically range from 1% to 5% of
the portfolio and are considered on an absolute, rather
than benchmark relative basis. Stock selection is the major
source of added value over time.
Top-down investment factors are secondary in the
Manager’s portfolio construction, with stock diversification
rather than formal controls guiding stock and sector
weights. Market capitalisation is not a primary concern.
In addition to equity exposures, the investment mandate
provides the flexibility to invest in fixed income securities.
The process of identifying, selecting and monitoring both
sovereign and corporate bonds follows exactly the same
structure and methodology as that for equity investment,
fully utilising the global investment resources of the
Manager. As in the case of equity exposure, the total
amount, geographical preference, sector bias and
specific securities will ultimately depend upon relative
valuation and future prospects.
At the year end, the Company’s portfolio consisted of 51
equity and 18 bond holdings. The Manager is authorised
by the Board to hold between 45 and 150 holdings in
the portfolio.
A comprehensive analysis of the Company’s portfolio is
disclosed on pages 41 to 43 including a description of the
ten largest investments, the portfolio of investments by
value and a sector and geographical analysis of
investments. The portfolio attribution analysis is on
page 15.
abrdn Investments Limited
2 March 2023

22 Murray International Trust PLC
The Manager takes into consideration many factors when deciding whether to invest in or divest from a company.
These factors have been described in the previous sections covering The Manager’s Investment Process and ESG and
are further illustrated by the case studies below
In which year did the Company first invest? 2022
% Holding: 1.6%
Where is its head office? Paris, France
What is its web address? www.danone.co.uk
Business Fundamentals
Danone is one of the world's largest dairy food and water
producers. The company is organised around three core
activities: Essential Dairy and Plant-Based Products (EDP),
Specialised Nutrition and Water.
What’s Changing?
Senior management has had a complete strategic
overhaul and consumers are becoming increasingly
focused on sustainable, healthier eating habits. Danone
had been a serial underperformer relative to its peers for a
decade. Eventually, shareholder pressure resulted in the
board replacing the former CEO and Chairman Emanuel
Faber with Gilles Schnepp, formerly of Legrand Group, as
chairman and Antoine de Saint Affrique as CEO from
Barry Callebaut. In 2022 Danone's new and strengthened
leadership team presented a new strategic plan: "Renew
Danone" to enable the company to reconnect with a
sustainable, profitable growth model. This plan followed a
complete strategic review with the company's partner
and other stakeholders worldwide and from all parts of
the business including farmers, customers, and investors.
The scale of the governance overhaul is unique and this is
Danone's best chance of transforming itself.
Valuation & Investment Insight
Danone plans to focus on an end-to-end step-up in the
quality of execution, a strengthened innovation model
geared for scale and impact, increased investments in
consumer value, brands and commercial development
and to dispose of low returning assets. Danone could
represent a very compelling turnaround story. The market
is potentially under-appreciating the growth potential, led
by attractive dynamics in around 60% of its portfolio,
which should be higher growth such as plant-based,
probiotics, premium waters and medical nutrition. The
valuation at the point of initiation was close to the historical
discount to peers, pricing in a worst-case scenario. The
stock offers a free option for the turnaround story while
offering an attractive yield of almost 4%.
ESG
Danone's board has undergone many changes following
the decision taken in July 2021 to refresh the entire board
over the 2022 and 2023 AGMs. Much of the abrdn
engagement has been with the chairman and the lead
independent director to get a better sense of the future
size, shape and skill-set of the board. These meetings have
been reassuring; Danone now has a far stronger board in
terms of independence, diversity and experience. Danone
is a leader in water management, food safety practices
and environmental programmes that focus on engaging
and supporting farmers in transitioning to regenerative
agricultural practices. Danone's growing offering of plant
based dairy alternatives and healthier food products
has the opportunity to play a part in environmental and
social themes, including responsible production and
consumption and good health and well-being.
Investment Case Studies

Murray International Trust PLC 23
In which year did the Company first invest? 2022
% Holding: 1.8%
Where is its head office? Munich, Germany
What is its web address? www.siemens.com
Business Fundamentals
One of the world's largest electronics and industrial
engineering companies, Siemens makes everything from
healthcare and building technologies to factory
automation and power distribution equipment.
What’s Changing?
Quite simply the world needs energy efficiency and
automation solutions. Studies show that implementing
digital strategies could reduce manufacturing costs by
>25%, labour costs by >30%, and energy use by c24% while
increasing productivity by over 25%. Payback periods
before the current energy crisis were less than 5yrs and
now they are getting even shorter. With inflation now
ubiquitous and arguably sticking around, even if at lower
rates, the imperative to drive efficiency across both new
and existing industrial processes has rarely been as strong.
Siemens has shifted its portfolio strategy, giving its divisions
more freedom while retaining the group's synergies. After
a prolonged period of higher investments and structural
change, there is an increased focus on simplification,
execution and improving growth, margins, returns and
cash. A fourth consecutive year of double-digit free cash
flow margin should reinforce the point that the portfolio
appears to have changed for the better.

24 Murray International Trust PLC
Valuation & Investment Insight
Siemens trades at the higher end of its relative discount to
peers and in a challenging economic environment, it is
aiming for organic earnings growth at the group level of
between 6-9%. Consensus remains unconvinced of this,
with expectations at the bottom of that range yet Siemens
has a significant order backlog of €45bn for delivery in
2023. This represents around six months' cover which
could buffer the business against any economic downturn.
In recent trading, management has also cited strong
visibility and demand in short-cycle businesses like Digital
Industries and Smart Infrastructure. We expect the global
transition to a more automated, digitalised and energy
efficient world to continue as reshoring remains a key
focus within capital markets. Siemens is well placed to
benefit from this. The continued simplification of the
conglomerate structure and reduction of the Siemens
energy stake will give the management team the
resources to derive more value for shareholders
moving forward.
ESG
Siemens’ environmental and social credentials have
improved post the spin-out of Siemens Energy which has
lowered its exposure to fossil fuels and that exposure will
decrease further over time as it seeks to reduce the
Siemens Energy stake. The remaining business is an
attractive thematic opportunity, providing exposure to
decarbonisation, energy efficiency and sustainable
transport. Recent engagement has focused on changes
to the board where three non-executive directors have
recently stepped down. Martina Merz, the CEO of German
industrial Thyssenkrupp, Dr Regina Dugan, the CEO of
Wellcome Leap and Keryn James have joined the board
and appear to be a good fit in terms of competence,
experience and diversity.
Investment Case Studies
Continued

Murray International Trust PLC 25
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The Board uses a number of financial and operating performance measures to assess the Company’s success in
achieving its investment objective and to determine the progress of the Company in pursuing its investment policy. The
main KPIs (refer to glossary on page 121 for definition) identified by the Board in relation to the Company which are
considered at each Board meeting are as follows:
KPI Description
Dividend Absolute Growth: The Board’s aim is to seek to increase the Company’s revenues
over time in order to maintain an above average dividend yield. Dividends paid over
the past 10 years are set out on page 26 with a graph showing dividend growth
against inflation on page 27.
Relative Yield: The Board also measures NAV total return performance against the
Reference Index and performance relative to investment trusts within the
Company’s peer group over a range of time periods, taking into consideration the
differing investment policies and objectives employed by those companies.
NAV Performance Absolute Performance: The Board considers the Company’s NAV total return figures
to be the best indicators of performance over time and these are therefore the main
indicators of performance used by the Board.
Relative Performance: The Board also measures NAV total return performance
against the Reference Index and performance relative to investment trusts within
the Company’s peer group over a range of time periods, taking into consideration
the differing investment policies and objectives employed by those companies.
A graph showing the NAV and Reference Index total returns is shown on page 27.
Share Price Performance Absolute Performance: The Board monitors the share price absolute return.
Relative Performance: The Board also monitors the price at which the Company’s
shares trade relative to the Reference Index on a total return basis over time
A graph showing absolute, relative and share price performance is shown on page
27 and further commentary on the performance of the Company is contained in the
Chairman’s Statement and Investment Manager’s Review.
Share Price Discount/
Premium to NAV
The discount/premium relative to the NAV per share represented by the share price
is closely monitored by the Board. The objective is to avoid large fluctuations in the
discount/premium by the use of share buybacks and the issuance of new shares or
the sale of Treasury shares, subject to market conditions. A graph showing the share
price premium/(discount) relative to the NAV is shown on page 27.
Gearing The Board’s aim is to ensure that gearing as a percentage of NAV is kept within the
Board’s guidelines issued to the Manager as disclosed on page 28.
Competitive Ongoing
Charges Ratio
Absolute Performance: The Board monitors the longer-term trend of the Company’s
OCR in absolute terms.
Relative Performance:
the Board also monitors the relative trend of the OCR versus
the Company’s peer group, taking into consideration the differing investment
policies and objectives employed by those companies.
Details of the annual OCR trend are disclosed on page 26.
Key Performance Indicators
(
KPIs
)

26 Murray International Trust PLC
In accordance with the investment objective, the Company’s performance is measured over the long term and
annualised data covering the last ten years is presented below.
Total Return
1 year 3 year 5 year 10 year
% return % return % return % return
Share price
AB
+20.6 +22.5 +33.0 +99.6
Net asset value per Ordinary share
A
+8.8 +25.3 +30.2 +108.1
UK RPI
+13.4 +23.5 +29.6 +46.0
Reference Index
C
–7.3 +19.0 +36.6 +158.9
A
Considered to be an Alternative Performance Measure (see page 110 for more details).
B
Mid to mid.
C
Reference Index comprising 60% FTSE World ex UK Index/40% FTSE World UK Index up to April 2020 and 100% FTSE All World TR Index from May 2020.
Source: abrdn, Morningstar & Lipper
Ten Year Financial Record
Year end 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total revenue (£’000) 63,717 62,609 67,020 77,333 79,471 77,105 82,417 68,918 78,737 88,745
Per Ordinary share (p):
Net asset value 981.0 966.6 849.0 1,135.7 1,251.4 1,107.8 1,190.0 1,138.2 1,240.3 1,293.3
Share price 1,052.0 1,026.0 829.5 1,188.0 1,268.0 1,132.0 1,260.0 1,130.0 1,156.0 1,334.0
Net revenue return
A
43.8 40.8 45.7 51.2 51.8 49.6 54.1 46.6 51.7 60.1
Dividends
B
43.0 45.0 46.5 47.5 50.0 51.5 53.5 54.5 55.0 56.0
Dividend cover 1.03x 0.91x 0.99x 1.08x 1.04x 0.96x 1.01x 0.86x 0.94x 1.07x
Revenue reserves (£’000) 68,120 64,690 64,767 70,963 75,252 73,563 75,747 66,764 62,967 69,239
Shareholders’ funds (£’000) 1,236,718 1,240,537 1,091,019 1,447,879 1,599,129 1,419,588 1,539,055 1,461,827 1,561,066 1,616,750
Ongoing charges ratio(%)
C
0.66 0.73 0.75 0.68 0.64 0.69 0.65 0.68 0.59 0.52
A
Net revenue return per Ordinary share has been based on the average Ordinary share capital during each year (see note 9 on page 89).
B
The figure for dividends per share reflects the years to which their declaration relates and not the years they were paid.
C
Considered to be an Alternative Performance Measure as defined on page 109.
Performance Track Record

Murray International Trust PLC 27
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Share Price (Discount)/Premium to NAV (%)
Ten years to 31 December 2022
-10
-8
-6
-4
-2
0
2
4
6
8
10
2012 20 13 2014 2015 2016 2017 2018 2019 2020 2021 2022
Net Asset Value and Share Price Total Return
(with net dividends reinvested) rebased to 100
Ten years to 31 December 2022
50
100
150
200
250
300
3
1/12/2
0
12
3
1/12/2
0
14
3
1/12/2
0
1
6
3
1/12/2
0
1
8
3
1/12/2
0
2
0
3
1/12/2
0
22
Share Pric e
NAV
UK R PI
R ef er e nc e
In dex
Comparison of Net Asset Value Total Return and Dividend Growth
to Inflation rebased to 100
Ten years to 31 December 2022
80
100
120
140
160
180
200
220
2012 20 13 20 14 2015 2016 20 17 20 18 2019 2020 20 21 20 22
MINT NAV
total return
(CAGR 7.8%)
MINT dividend
grow th
(CAGR 3.7%)
UK R PI
(average
4.6%)
* Long Term means the
average of the last ten years
Long Term*
D
ividend Growth
3.7 % p.a.
Long Term*
NAV Return
7.8% p.a
Long Term*
U
K RPI
4.6% p.a

28 Murray International Trust PLC
Investment trusts, such as the Company, are long-term
investment vehicles. Typically, investment trusts are
externally managed, have no employees, and are
overseen by an independent non-executive board of
directors. Your Company’s Board of Directors sets the
investment mandate, monitors the performance of all
service providers (including the Manager) and is
responsible for reviewing strategy on a regular basis. All
this is done with the aim of preserving and enhancing
shareholder value over the longer-term.
Reference Index
The Company does not have a Benchmark. However,
performance is measured against a number of measures
including a Reference Index, the FTSE All World TR Index,
which was adopted in April 2020. Given the composition
of the portfolio and the Manager’s investment process, it is
likely that the Company’s investment performance may
diverge, possibly significantly, from this Reference Index.
Performance prior to April 2020 is measured against a
blend of the old composite Benchmark (40% of the
FTSE World UK Index and 60% of the FTSE World ex-UK
Index) up to 27 April 2020 and the FTSE All World TR
Index thereafter.
Investment Objective
The aim of the Company is to achieve an above average
dividend yield, with long-term growth in dividends and
capital ahead of inflation, by investing principally in
global equities.
Investment Policy
There are a number of elements set out in the investment
policy delegated to the Manager which are set out below:
Asset Allocation
The Company’s assets are currently invested in a
diversified portfolio of international equities and fixed
income securities spread across a range of industries and
economies. The Company’s investment policy is flexible
and it may, from time to time, hold other securities
including (but not limited to) index-linked securities,
convertible securities, preference shares, unlisted
securities, depositary receipts and other equity-related
securities. The Company may invest in derivatives for the
purposes of efficient portfolio management in the
furtherance of its investment objective.
The Company’s investment policy does not impose any
geographical, sectoral or industrial constraints upon the
Manager. The Board has set guidelines which the
Manager is required to work within. It is the investment
policy of the Company to invest no more than 15% of its
gross assets in other listed investment companies
(including listed investment trusts), at the time of
purchase. The Company currently does not have any
investments in other investment companies. The
Manager is authorised to enter into stocklending contracts
and the Company plans to undertake limited stocklending
activity in the future following the completion of the
administrative set-up process.
Risk Diversification
The Manager actively monitors the Company’s portfolio
and attempts to mitigate risk primarily through
diversification. The Company is permitted to invest up to
15% of its investments by value in any single holding (at the
time of purchase) although, typically, individual
investments do not exceed 5% of the total portfolio.
Gearing
The Board considers that returns to shareholders can be
enhanced by the judicious use of borrowing. The Board is
responsible for the level of gearing in the Company and
reviews the position on a regular basis. Any borrowing,
except for short-term liquidity purposes, is used for
investment purposes or to fund the purchase of the
Company’s own shares.
Total gearing will not in normal circumstances exceed
30% of net assets with cash deposits netted against the
level of borrowings. At the year end, there was net gearing
of 11.2% (calculated in accordance with Association of
Investment Companies guidance). Particular care is
taken to ensure that any bank covenants permit
maximum flexibility in investment policy.
Changes to Investment Policy
Any material change to the investment policy will require
the approval of the shareholders by way of an ordinary
resolution at a general meeting.
Investment Objective and Investment Policy

Murray International Trust PLC 29
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Introduction
The purpose of the Company, which is in its 117
th
year, is to
act as a vehicle to provide, over time, financial returns
(both income and capital) to its shareholders. The
Company’s investment objective is disclosed on page 28.
The activities of the Company are overseen by the Board
of Directors of the Company.
The Board is required to describe to the Company’s
shareholders how the Directors have discharged their
duties and responsibilities over the course of the financial
year under section 172 (1) of the Companies Act 2006
(the “s172 Statement”). This s172 Statement, from
‘Introduction’ on page 29 up to and including “The Work of
the Board and its Principal Decisions for the Year” on page
33, provides an explanation of how the Directors have
promoted the success of the Company for the benefit of
its members as a whole, taking into account the likely
long-term consequences of decisions, the need to foster
relationships with all stakeholders and the impact of the
Company’s operations on the environment.
Our Culture
The Board seeks to ensure that the Company and the
Board operate with a transparent culture where all parties
are treated with respect and are provided with the
opportunity to offer practical challenge and participate in
constructive debate which is focused on achieving the
expectations of shareholders and other stakeholders. The
Board reviews the culture and manner in which the
Manager operates at its regular meetings and receives
regular reporting and feedback from the other key
service providers.
Our Business Model
The mechanics of how the Company operates are set out below. These mechanics, which have evolved over time, are
designed to protect shareholders’ interests:
Promotin
g
Your Company’s Success

30 Murray International Trust PLC
Company Policies
Environmental, Community, Social and Human Rights Issues
The Company has no employees as the Board has
delegated day-to-day management and administrative
functions to abrdn Fund Managers Limited. There are,
therefore, no disclosures to be made in respect of
employees. The Company’s socially responsible
investment policy is outlined below.
Due to the nature of the Company’s business, being a
Company that does not offer goods and services to
customers, the Board considers that it is not within the
scope of the Modern Slavery Act 2015 because it has no
turnover. The Board considers the Company’s supply
chains, dealing predominantly with professional advisers
and service providers in the financial services industry, to
be low risk in relation to this matter, The Company,
therefore, is not required to make a slavery and human
trafficking statement.
Marketing and Promotional Policy
The Board recognises the importance of communicating
the long-term attractions of your Company to current and
prospective investors both for improving liquidity and for
enhancing the value and rating of the Company’s shares.
The Board believes an effective way to achieve this is
through subscription to and participation in the
promotional programme run by the Manager on behalf of
a number of investment companies under its
management. The Company also supports the Manager’s
investor relations programme which involves regional
roadshows, promotional and public relations campaigns.
The Company’s financial contribution to these
programmes is matched by the Manager. The Manager
reports at least quarterly to the Board providing an
analysis of the promotional activities as well as updates on
the shareholder register and any changes in the make-up
of that register.
Global Greenhouse Gas Emissions and Streamlined Energy
and Carbon Reporting (“SECR”)
All of the Company’s principal activities are outsourced to
third parties. The Company therefore has no greenhouse
gas emissions to report from the operations of its business,
nor does it have responsibility for any other emissions
producing sources under the Companies Act 2006
(Strategic Report and Directors’ Reports) Regulations
2013. For the same reason as set out above, the
Company considers itself to be a low energy user under
the SECR regulations (<40MWH/year) and exempt from
Streamlined Energy and Carbon Reporting obligations.
Socially Responsible Investment Policy
The Company supports the UK Stewardship Code 2020,
and seeks to play its role in supporting good stewardship
of the companies in which it invests. 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.
abrdn is a tier 1 signatory of the UK Stewardship Code
2020 which aims to enhance the quality of engagement
by investors with investee companies in order to improve
their socially responsible performance and the long-term
investment return to shareholders. While delivery of
stewardship activities has been delegated to the
Manager, the Board acknowledges its role in setting the
tone for the effective delivery of stewardship on the
Company’s behalf.
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 to the Board at each meeting on
stewardship (including voting) issues and further details
on stewardship may be found on page 59.
Board Diversity Policy
The Board recognises the importance of having a range
of skilled, experienced individuals with the right knowledge
represented on the Board in order to allow the Board to
fulfil its obligations. The Board also recognises the benefits
and is supportive of the principle of diversity in its
recruitment of new Board members. The Board will not
display any bias for age, gender, race, sexual orientation,
religion, ethnic or national origins, or disability in
considering the appointment of its Directors. However, the
Board will continue to ensure that all appointments are
made on the basis of merit against the specification
prepared for each appointment and, therefore, the
Company does not consider it appropriate to set diversity
targets. At 31 December 2022, there were two male
Directors and three female Directors on the Board. Further
information on Board diversity may be found in the
Directors’ Report on page 54.
Promotin
g
Your Company’s Success
Continued

Murray International Trust PLC 31
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Our Engagement with Stakeholders
The diagram below illustrates the relationship with the Company and its key stakeholders.
Shareholders
Shareholders are key stakeholders in the Company – they look to the Manager to achieve the investment objective over
time and to deliver a regular growing income together with some capital growth. Therefore the Directors place a great
deal of importance on communication with shareholders and the table below provides further details on the various
methods of interaction. The Board’s policy is to communicate directly with shareholders and their representative bodies
without the involvement of the abrdn Group (either the Company Secretary or the Manager) in situations where direct
communication is required and the Directors are available to meet major shareholders on an annual basis.

32 Murray International Trust PLC
The following table describes some of the ways we engage with our shareholders:
AGM The AGM provides an opportunity for the Directors to engage with shareholders,
answer their questions and meet them informally. The next AGM is scheduled for
21 April 2023 in Glasgow. The Board looks forward to seeing shareholders in-
person at the AGM followed by refreshments and an opportunity for shareholders
to meet the Directors.
Online Shareholder Presentation Following the success of previous online shareholder presentations, the Board has
decided to hold another Online Shareholder Presentation at 11.00 a.m. on Monday
3 April 2023 and shareholders are encouraged to register and attend, whether
they are planning to attend the AGM or not. Further details are provided in the
Chairman’s Statement on page 9.
Annual and Half Yearly Reports We publish a full Annual Report in March/April each year that contains a strategic
report, governance section, financial statements and additional information; we
also publish a Half Yearly Report each August/September. The reports are
available on the Company’s website and in paper format and are widely
distributed to parties who have an interest in the Company’s performance.
Company Announcements We release a full set of financial results at the half year and full year stage. We also
issue announcements for all substantive news relating to the Company.
Shareholders can find these announcements on the Company’s website. Updated
net asset value figures are announced on a daily basis.
Monthly Factsheets The Manager publishes monthly factsheets on the Company’s website including
commentary on portfolio and market performance.
Website Our website contains a range of information on the Company and includes up to
date performance information as well as a full monthly portfolio listing of our
investments. Details of financial results, the investment process and Manager
together with Company announcements and contact details can be found here:
murray-intl.co.uk.
Other Shareholder Engagement We seek regular engagement with the Company’s major shareholders and also
prospective shareholders through annual and interim roadshow meetings
undertaken in conjunction with the Manager and Broker. Such regular meetings
may take the form of joint presentations with the Investment Manager or meetings
directly with a Director where any matters of concern may be raised directly in
order to understand their views on governance and performance. In addition, the
management team present at brokers’ conferences and regularly conduct
webcasts and webinars, some of which are available on the Company’s website.
Shareholders who wish to be kept updated on the Company can also register for
email updates on the website.
Correspondence The Board welcomes queries from shareholders and responds to letters
and emails from shareholders on a range of issues. Refer to page 129 for
contact details.
Promotin
g
Your Company’s Success
Continued

Murray International Trust PLC 33
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The Manager
The key service provider for the Company is the
Alternative Investment Fund Manager. The performance
of the Manager is reviewed in detail at each Board
meeting. The Manager’s investment process is outlined on
pages 19 to 21; further information on the Board’s
oversight of, and engagement with, the Manager is
provided below and on pages 33 and 34.
Other Service Providers
The other key stakeholder group is that of the Company’s
other third party service providers. The Board is
responsible for selecting the most appropriate outsourced
service providers and monitoring the relationships with
these suppliers regularly in order to review their
performance and ensure a constructive working
relationship. Our service providers look to the Company to
provide them with a clear understanding of the
Company’s needs in order that those requirements can
be delivered efficiently and fairly. The Board, in
conjunction with the Management Engagement
Committee, ensures that the arrangements with service
providers are reviewed at least annually in detail including
consideration of complaints. The aim is to ensure that
contractual arrangements are good value for money,
remain in line with best practice, services being offered
meet the requirements and needs of the Company and
performance is in line with the expectations of the Board,
Manager and other relevant stakeholders. Reviews
include those of the Company’s depositary and custodian,
share registrar and broker. The Audit and Risk Committee
reviews the terms of engagement of the auditor.
The Work of the Board and its Principal
Decisions for the Year
Pursuant to the Board’s aim of promoting the long-term
success of the Company, the Directors have undertaken
the following work and taken the following principal
decisions during the year:
Fully Covered Dividend
The Board aims to ensure that dividends received each
year from portfolio companies are sufficient to cover the
Company’s annual dividend payment to shareholders.
The Covid-19 pandemic caused significant uncertainty
and impacted the level of dividends paid out by portfolio
companies and so the Board took the decision in 2020 and
again in 2021 to use revenue reserves to top up earnings
and to allow the Company to continue to grow its
dividends in line with the investment objective. The Board is
pleased to note that the Manager’s focus on delivering the
three year pathway referred to in the s172 statement
published in last year’s Annual Report has resulted in a
return to a fully covered dividend this year ahead
of schedule.
Increased Dividend
The Board’s aim is to continue to pay a rising dividend. As
in 2021, three interim dividends of 12.0p per share have
been declared during the year. The Board is
recommending an increased final dividend of 20.0p per
share (2021: 19.0p). This is covered 1.07x by revenue
income for the year and illustrates the success in returning
to a fully covered dividend.
Improvement in Capital Performance
The Board monitors the Manager’s delivery of the
investment objective through, amongst other things,
reviewing the portfolio’s performance at every Board
meeting. The Board challenged the Manager in 2021 to
identify new dividend paying investment opportunities
that also have attractive growth prospects; the aim being
to improve the capital element of the total return
performance. Stronger capital performance has been
achieved in 2022. The Board recognises the dual
requirement to deliver both income and capital growth for
the Company’s shareholders. Changes in the portfolio are
referred to in the Investment Manager’s Review.

34 Murray International Trust PLC
ESG and Climate Change
The Board’s responsibility for overseeing the work of the
Manager is not limited solely to investment performance.
Whilst the Company is not an ESG fund, the Board also has
regard to environmental, social and governance matters
that subsist within the portfolio companies. The Board has
conducted regular meetings with the Manager and is
supportive of the Manager’s pro-active approach to ESG
and climate change engagement to foster better societal
outcomes from, and sustainable business models for,
investee companies. At the Board’s request, the Manager
has continued to improve the quality and content of its
ESG and associated reporting to the Board and
discussions have taken place on how to improve
communication in this area to shareholders and the wider
public. The Company has maintained its MSCI ESG
portfolio rating of ‘AA’. The Board has reaffirmed its
decision not to impose specific exclusion criteria within the
Manager’s mandate.
Cost Control and OCR
The Board is responsible for controlling the level of costs
borne by the Company. During the year, the OCR has
reduced from 0.59% to 0.52% in part from the reduced
investment management fee which became effective
from 1 January 2022.
Gearing
The use of gearing is a distinguishing feature of investment
trusts and allows the Company to use borrowings to
enhance shareholder returns over the longer-term. In May
2022, the Company utilised part of its £200m Loan Note
Shelf Facility, of which £50m had already been drawn
down, through the issuance of a £60 million 15 year Senior
Unsecured Loan Note at an all-in-rate of 2.83%. The
proceeds of the issue were used to repay the Company’s
£60 million fixed rate loan that matured at that time. The
new long-term arrangement has provided the Company
with a very attractive interest rate together with certainty
in the rising interest rate environment and, should, in rising
equity markets, continue to enhance Company returns in
a cost effective manner.
Share Buybacks
During the year, the Board has continued to review the
trading in the Company’s shares and has regularly bought
back Ordinary shares at times when the number of sellers
has exceeded the number of buyers. The aim of the
buybacks is to ensure that the discount to NAV does not
become excessive compared amongst other things to the
peer group, and to provide further liquidity to the market
when it is beneficial to do so. During 2022, 848,963 shares
were acquired at a cost of £9.99m.
Board Composition
The Board believes that shareholders’ interests are best
served by ensuring a smooth and orderly refreshment of
the Board, and it has a long-term succession programme
in place. This provides continuity and maintains the
Board’s open and collegiate style whilst ensuring a
diversity of thought backgrounds and experience. In June
2022, we welcomed Virginia Holmes to the Board as an
independent non-executive Director following the
culmination of an extensive search process using the
services of an independent recruitment consultant. An
exercise is also underway to find two new independent
non-executive Directors and shareholders will be updated
when this process has been completed.
Shareholder Engagement
The Board seeks to engage with the Company’s
shareholders on a regular basis. For smaller, retail
shareholders this is achieved through the AGM and Online
Shareholder Presentations. For larger shareholders, the
Manager organises semi-annual roadshow meetings
around the annual and half yearly results and Directors
join these meetings during the year in order to gain a first-
hand understanding of how the Manager interacts with
larger shareholders and the views of those shareholders.
Continuing Appointment of the Manager
It is the Board’s duty to shareholders to ensure that the
Investment Manager delivers on the investment objective.
After a period where capital returns in particular have
lagged peers, the Board is pleased to see the significant
improvement in performance for the year to 31
December 2022 and will continue to engage regularly with
abrdn to understand better the drivers of portfolio
performance. The continuing appointment of the
Manager is formally reviewed annually at the
Management Engagement Committee (MEC) which the
MEC has confirmed on the same terms.
Promotin
g
Your Company’s Success
Continued

Murray International Trust PLC 35
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The Board is responsible for setting and monitoring
policies designed to manage risk and to ensure the
long term viability of the Company.
Risk Management
There are a number of risks which, if realised, could have a
material adverse effect on the Company and its financial
condition, performance and prospects. A summary of the
principal risks is set out below, together with a description
of the mitigating actions taken by the Board. The principal
risks associated with an investment in the Company’s
shares are published monthly on the Company’s fact
sheet and can also be found in the pre-investment
disclosure document (“PIDD”) published by the Manager,
both of which are available on the Company’s website.
The Board regularly undertakes a robust review of the
principal risks and uncertainties facing the Company,
including those that would threaten its business model,
future performance, solvency or liquidity. The Board has
prepared its own risk register which identifies potential
risks relating to (i) Investment Strategy and Objectives; (ii)
Investment Portfolio and Performance; (iii) Operations
and Governance; (iv) Financial; and (v) Macro and Geo-
Political. The Board considers the potential cause and
possible impact of these risks as well as reviewing the
controls in place to mitigate these potential risks. A risk is
rated by having a likelihood and an impact rating and the
residual risk is plotted on a “heat map” and is reviewed at
least twice a year.
The Board discusses with the Manager areas where there
may be risks emerging and maintains a register of these.
Examples of emerging risks which the Board is monitoring
include: the potential but as yet unknown consequences
of the development of artificial intelligence and other
technologies such as quantum computing. In the event
that an emerging risk has gained significant weight or
importance, that risk is categorised and added to the
Company’s risk register and is monitored accordingly.
The Board has kept the on-going risks related to the
Covid-19 pandemic and the impact of the UK leaving the
EU (“Brexit”) to the Company’s investment portfolio and its
operations under review.
The Board notes the Manager’s robust and disciplined
investment process, which continues to focus on long-
term company fundamentals including balance sheet
strength and deliverability of sustainable earnings growth,
as further described in the Investment Manager’s Review
on page 12 and on pages 19 to 21.
Many of the Company’s third-party service providers,
including the Manager, are likely to continue operating
with some form of hybrid working practices. The Board,
through the Manager, continues to monitor all third-party
service arrangements closely.
The design, implementation and maintenance of controls
and procedures to safeguard the assets of the Company
and to manage its affairs properly extends to operational
and compliance controls and risk management. Further
information about the Company’s internal controls is
included in the Directors’ Report on pages 58 and 59.
Significant matters relating to the work of the Audit and
Risk Committee are discussed in the Report of the Audit
and Risk Committee on page 67 and further detail on
financial risks and risk management is disclosed in note 18
to the financial statements. In all other respects, the
Company’s principal risks and uncertainties have not
changed materially since the date of the Annual Report
and are not expected to change materially for the current
financial year.
Principal Risks Trend Mitigating Action
Investment strategy and objectives – if the
Company’s investment objective becomes
unattractive and the Company fails to
adapt to changes in investor demand
(including in relation to ESG and climate
change) the Company may become
unattractive to investors, leading to
decreased demand for its shares and a
widening discount.


The Board keeps the level of discount and/or premium at
which the Company’s shares trade as well as the investment
objective and policy under review. The Board holds an annual
strategy meeting where it reviews updates from the Manager
and investor relations reports, and the Broker reports on the
market. In addition, the Board is updated at each Board
meeting on the makeup of and any movements in the
shareholder register. The Directors attend meetings with, and
respond to correspondence from, shareholders to keep
abreast of investor opinion.
Risk Mana
g
ement and Viability

36 Murray International Trust PLC
Principal Risks Trend Mitigating Action
Investment Portfolio Performance Risk – if
the longer-term performance of the
investment portfolio does not deliver
income and/or capital returns in line with
the investment objective and/or
consistently underperforms market
expectations, the Company may become
unattractive to investors leading to
decreased demand for its shares and a
widening discount.

The Board reviews the investment portfolio performance at
each Board meeting and, amongst other things, seeks
explanations from the Manager where performance deviates
from expectations on either an absolute or relative basis. In
addition, the Directors attend meetings with, and respond to
correspondence from, shareholders to keep abreast of
investor opinion. The Board considers the Manager’s
appointment annually at the Management Engagement
Committee meeting where performance is comprehensively
reviewed alongside other metrics relevant to reappointment.
Operational and Governance Risks – the
Company is dependent on third parties
(and the abrdn Group in particular) for the
provision of all services and systems. Any
fraud, control failures, cyber threats,
business continuity issues at, or poor service
from, these third parties could result in
financial loss or reputational damage to
the Company.

The Board receives reports from the Manager on internal
controls and risk management at each Board meeting. It
receives assurances from all its significant service providers,
including the depositary, as well as back to back assurance
from the Manager at least annually. Further details of the
internal controls which are in place are set out on pages
58 and 59.
Financial Risks – the level of the Company’s
gearing, if inappropriate, and the financial
risks associated with the portfolio, including
the impact of movements in foreign
currency exchange rates, could result in
capital losses and/or reduced income for
the Company.

The Board sets a gearing limit and receives regular updates
on the actual gearing levels the Company has reached from
the Manager together with the assets and liabilities of the
Company and reviews these at each Board meeting. In
addition, aFML, as Alternative Investment Fund Manager, in
conjunction with the Board, has set an overall leverage limit
of 2.0x on a commitment basis (2.5x on a gross notional
basis) and provides regular updates to the Board (see pages
118 and 119).
The financial risks associated with the Company include
market risk, liquidity risk and credit risk, all of which are
mitigated in conjunction with the Manager. Further details of
the steps taken to mitigate the financial risks associated with
the portfolio are set out in note 18 to the financial statements.
Macro and Geo-Political Risks – the
macroeconomic and geo-political
environment including the risk of regional
conflicts, supply chain interruptions,
deglobalisation and future pandemics,
within which the Company operates is
inherently uncertain and therefore could
affect the Company’s performance or
operations in unforeseen ways


The Board discusses macroeconomic and geo-political
issues with the Manager at each Board meeting and the
steps being taken to limit their impact on the Company, its
operations and portfolio.
Risk Mana
g
ement and Viability
Continued

Murray International Trust PLC 37
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Viability Statement
The Company does not have a fixed period strategic plan
but the Board formally considers risks and strategy at
least annually. The Board considers the Company, with no
fixed life, to be a long-term investment vehicle but, for the
purposes of this viability statement, has decided that a
period of five years is an appropriate period over which to
report. The Board considers that this period reflects a
balance between looking out over a long-term horizon
and the inherent uncertainties of looking out further than
five years.
In assessing the viability of the Company over the review
period, the Directors have considered the operational
resilience of the Company including the regular updates
and reporting received from the Manager and have
focused upon the following factors:
· The principal and emerging risks detailed in the
Strategic Report on pages 35 and 36;
· The ongoing relevance of the Company’s investment
objective in the current environment;
· The demand for the Company’s shares evidenced by
the historical level of premium and/or discount;
· The level of income generated by the Company and
level of revenue reserves;
· The need to ensure that the Manager and the
Company’s other third party service providers have
suitable processes and controls in place to enable them
to continue to provide their services to the Company;
· The liquidity of the Company’s portfolio - over 87% of the
investments are categorised as level 1, held within active
markets and realisable within seven days; and
· The profile of the Company’s £200 million loan facilities
and Loan Notes which mature between May 2023 and
May 2037 and the ability of the Company to refinance or
repay the £60m facility that matures in May 2023.
Accordingly, taking into account the Company’s current
position, the fact that the Company’s investments are
mostly liquid and the potential impact of its principal risks
and uncertainties, the Directors have a reasonable
expectation that the Company will be able to continue in
operation and to meet its liabilities as they fall due for a
period of five years from the date of this Report. In making
this assessment, the Board has considered scenario
modelling prepared by the Manager which analysed the
impact of matters such as significant economic and stock
market volatility which could result in a substantial
reduction in the liquidity of the portfolio, changes in
investor sentiment or a significant reduction in earnings
which could all have an impact on the assessment of the
Company’s prospects and viability in the future.
David Hardie
Chairman
2 March 2023

38 Murray International Trust PLC
Portfolio

Murray International Trust PLC 39
The Company maintains a diversified
portfolio of investments. At the year end, the
Company’s portfolio consisted of 51 equity
and 18 bond holdings. The Manager is
authorised by the Board to hold between 45
and 150 investments in the portfolio.

40 Murray International Trust PLC
As at 31 December 2022
Aeroporto del Sureste AbbVie
Holding: 4.4% Holding: 3.3%
Grupo Aeroporto del Sureste operates airports
in Mexico. The company holds long-term
concessions to manage airports in leading
tourist resorts and major cities.
AbbVie Inc is a global pharmaceutical
company, producing a broad range of drugs
for use in speciality therapeutic areas such as
immunology, chronic kidney disease,
oncology and neuroscience.
Philip Morris International Broadcom Corporation
Holding: 3.2% Holding: 3.1%
Spun out from the Altria Group in 2008, Philip
Morris International is one of the world’s
leading global tobacco companies. It
manufactures and sells leading recognisable
brands such as Marlboro, Parliament and
Virginia Slims.
Broadcom designs, develops and markets
digital and analogue semiconductors
worldwide. The company offers wireless
components, storage adaptors, networking
processors, switches, fibre optic modules and
optical sensors.
Taiwan Semiconductor Manufacturing TotalEnergies
Holding: 3.0% Holding: 2.9%
Taiwan Semiconductor Manufacturing is one
of the largest integrated circuit manufacturers
in the world. The company is involved in
component design, manufacturing,
assembly, testing and mass production of
integrated circuits.
The Company produces, transports and
supplies crude oil, natural gas and low carbon
electricity as well as refining petrochemical
products. TotalEnergies also owns and
manages gasoline filling stations worldwide.
Unilever Oversea-Chinese Bank
Holding: 2.6% Holding: 2.5%
Unilever is a multinational consumer goods
group which is focused in the areas of home
care, beauty & personal care and food
products. Focusing on leading global brands,
the Company sells products in over 190
countries worldwide.
Oversea-Chinese Banking Corporation offers
a comprehensive range of financial services
spread across four main business segments.
These include Global Consumer/Private
Banking: Global Wholesale Banking; Global
Treasury & Markets; plus Insurance.
CME Group Samsung Electronics
Holding: 2.3% Holding: 2.2%
Based in Chicago, USA CME Group operates a
derivatives exchange that trades futures
contracts and options, interest rates, stock
indexes, foreign exchange and commodities.
Korean based Samsung Electronics
manufactures a wide range of consumer
and industrial electronic equipment and
products such as semiconductors, computers,
monitors, peripherals, televisions and home
appliances. The company also has
significant global market share of mobile
phone handsets.
Ten Lar
g
est Investments

Murray International Trust PLC 41
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Valuation Total Valuation
2022 assets
A
2021
B
Company Country
£’000 % £’000
Aeroporto del Sureste Mexico
79,049 4.4 70,058
AbbVie USA
60,465 3.3 44,985
Philip Morris International USA
58,914 3.2 49,097
Broadcom Corporation USA
55,777 3.1 58,956
Taiwan Semiconductor Manufacturing Taiwan
54,589 3.0 82,058
TotalEnergies France
52,036 2.9 37,471
Unilever
C
UK
47,964 2.6 45,390
Oversea-Chinese Bank Singapore
45,297 2.5 37,459
CME Group USA
41,931 2.3 57,349
Samsung Electronics Korea
40,735 2.2 44,298
Top ten investments
536,757 29.5
Sociedad Quimica Y Minera de Chile Chile
39,819 2.2 29,780
Zurich Insurance Switzerland
39,743 2.2 25,956
Bristol-Myers Squibb USA
38,868 2.1 29,922
Tryg Denmark
38,504 2.1 35,496
Vale do Rio Doce Brazil
37,561 2.1 27,540
Johnson & Johnson USA
36,277 2.0 25,254
British American Tobacco UK
36,097 2.0 30,041
BHP Group Australia
35,980 2.0 30,786
Verizon Communications USA
32,754 1.8 38,362
Hon Hai Precision Industry Taiwan
32,425 1.8 27,753
Top twenty investments
904,785 49.8
Merck USA
32,279 1.8 –
Telus Canada
32,040 1.8 34,824
Siemens Germany
31,792 1.8 –
Cisco Systems USA
31,683 1.7 37,423
Shell Netherlands
31,634 1.7 22,065
BE Semiconductor Netherlands
31,001 1.7 –
Taiwan Mobile Taiwan
29,425 1.6 30,688
Danone France
29,090 1.6 –
GlobalWafers Taiwan
28,907 1.6 71,090
Singapore Telecommunications Singapore
28,673 1.6 22,870
Top thirty investments
1,211,309 66.7
List of Investments

42 Murray International Trust PLC
List of Investments
Continued
Valuation Total Valuation
2022 assets
A
2021
B
Company Country
£’000 % £’000
Kimberly Clark de Mexico Mexico
28,164 1.6 22,331
Woodside Energy Australia
27,948 1.5 –
Sanofi France
27,898 1.5 26,027
Nordea Bank Sweden
26,750 1.5 22,552
Epiroc Sweden
26,728 1.5 31,306
China Resources Land China
26,655 1.5 21,743
Atlas Copco Sweden
26,578 1.5 32,574
Roche Holdings Switzerland
26,098 1.4 30,719
Enel Italy
26,018 1.4 23,660
Enbridge Canada
24,347 1.3 21,651
Top forty investments
1,478,493 81.4
Telkom Indonesia Indonesia
24,031 1.3 25,114
TC Energy Canada
23,149 1.3 24,029
SCB X Thailand
23,114 1.3 25,262
Banco Bradesco Brazil
20,714 1.1 19,859
Ping An Insurance China
19,805 1.1 19,143
China Vanke China
18,512 1.0 18,875
Republic of South Africa 7% 28/02/31
D
South Africa
15,779 0.9 15,590
Republic of Indonesia 6.125% 15/05/28
D
Indonesia
15,670 0.9 15,799
United Mexican States 5.75% 05/03/26
D
Mexico
15,422 0.8 13,601
Telefonica Brasil Brazil
13,493 0.7 14,497
Top fifty investments
1,668,182 91.8
MTN South Africa
12,439 0.7 15,794
Republic of Indonesia 8.375% 15/03/34
D
Indonesia
11,709 0.7 11,618
Telenor Norway
11,593 0.6 17,406
Republic of Dominica 6.85% 27/01/45
D
Dominican Republic
10,777 0.6 12,191
Petroleos Mexicanos 6.75% 21/09/47
D
Mexico
10,589 0.6 13,031
Lotus Retail Growth Thailand
8,173 0.5 16,687
HDFC Bank 7.95% 21/09/26
D
India
7,603 0.4 7,928
Vodafone Group UK
7,582 0.4 10,096
Power Finance Corp 7.63% 14/08/26
D
India
7,529 0.4 7,825
Petroleos Mexicanos 5.5% 27/06/44
D
Mexico
5,786 0.3 7,275
Top sixty investments
1,761,962 97.0

Murray International Trust PLC 43
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Valuation Total Valuation
2022 assets
A
2021
B
Company Country
£’000 % £’000
Republic of Indonesia 10% 15/02/28
D
Indonesia
4,568 0.2 4,710
Republic of Turkey 8% 12/03/25
D
Turkey
3,460 0.2 2,962
Republic of Turkey 9% 24/07/24
D
Turkey
3,311 0.2 3,061
General Accident 7.875% Cum Irred Pref
D
UK
3,164 0.2 3,612
Santander 10.375% Non Cum Pref
D
UK
3,105 0.2 4,025
Republic of Ecuador 0.5% 31/07/35
D
Ecuador
2,448 0.1 3,101
Republic of Ecuador 0.5% 31/07/30
D
Ecuador
2,062 0.1 2,372
Republic of Ecuador 0.5% 31/07/40
D
Ecuador
508 – 644
Republic of Ecuador 0.0% 31/07/30
D
Ecuador
198 – 253
Indocement Tunggal Prakarsa Indonesia
34 – 12,432
Top seventy investments
1,784,820 98.2
Total investments
1,784,820 98.2
Net current assets
A
31,796 1.8
Total assets
E
1,816,616 100.0
A
Excluding bank loans.
B
The 2021 column denotes the Company’s holding at 31 December 2021.
C
The 2021 holding comprises UK and Netherlands securities, split £23,670,000 and £21,720,000 respectively.
D
Quoted preference share or bond.
E
See definition on page 121.
Summary of Net Assets
Valuation Valuation
31 December 2022 31 December 2021
£’000 % £’000 %
Equities
1,661,132 102.7 1,590,833 101.9
Preference shares
6,269 0.4 7,637 0.5
Bonds
117,419 7.3 140,842 9.0
Total investments
1,784,820 110.4 1,739,312 111.4
Net current assets
31,796 2.0 21,568 1.4
Total assets
1,816,616 112.4 1,760,880 112.8
Prior charges
A
(199,866) (12.4) (199,814) (12.8)
Net assets
1,616,750 100.0 1,561,066 100.0
A
See definition on page 121.

44 Murray International Trust PLC
Asia
United North Europe Pacific Latin 2022 2021
Kingdom America ex UK ex Japan America Africa Total Total
Sector/Geographical Analysis
% % % % % % % %
Energy
– 2.6 4.6 1.5 – – 8.7 7.0
Oil Gas and Coal
– 2.6 4.6 1.5 – – 8.7 7.0
Basic Materials
– – – 2.0 4.3 – 6.3 7.4
Chemicals
– – – – 2.2 – 2.2 4.1
Industrial Metals and Mining
– – – 2.0 2.1 – 4.1 3.3
Industrials
– – 4.8 – 4.4 – 9.2 8.4
Construction & Materials
– – – – – – – 0.7
General industrials
– – 1.8 – – – 1.8 –
Industrial Engineering
– – 3.0 – – – 3.0 3.7
Industrial Transportation
– – – – 4.4 – 4.4 4.0
Consumer Staples
4.6 3.2 1.6 – 1.6 – 11.0 10.1
Beverages
– – – – – – – 1.8
Food Producers
– – 1.6 – – – 1.6 –
Personal Care Drug and Grocery Stores
2.6 – – – 1.6 – 4.2 3.8
Tobacco
2.0 3.2 – – – – 5.2 4.5
Health Care
– 9.2 2.9 – – – 12.1 8.9
Pharmaceuticals & Biotechnology
– 9.2 2.9 – – – 12.1 8.9
Telecommunications
0.4 5.3 0.6 4.5 0.7 0.7 12.2 14.0
Telecommunications Service Providers
0.4 3.6 0.6 4.5 0.7 0.7 10.5 11.9
Telecommunications Equipment
– 1.7 – – – – 1.7 2.1
Utilities
– – 1.4 – – – 1.4 1.3
Electricity
– – 1.4 – – – 1.4 1.3
Financials
– 2.3 5.8 4.9 1.1 – 14.1 13.8
Banks
– – 1.5 3.8 1.1 – 6.4 5.9
Investment Banking and Brokerage Services
– 2.3 – – – – 2.3 3.3
Life Insurance
– – – 1.1 – – 1.1 1.1
Nonlife Insurance
– – 4.3 – – – 4.3 3.5
Real Estate
– – – 3.0 – – 3.0 3.2
Real Estate Investment and Services
– – – 3.0 – – 3.0 2.3
Real Estate Investment Trusts
– – – – – – – 0.9
Sector/Geo
g
raphical Analysis

Murray International Trust PLC 45
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Asia
United North Europe Pacific Latin 2022 2021
Kingdom America ex UK ex Japan America Africa Total Total
Sector/Geographical Analysis
% % % % % % % %
Technology
– 3.1 1.7 8.6 – – 13.4 16.2
Technology Hardware & Equipment
– 3.1 1.7 8.6 – – 13.4 16.2
Total equities
5.0 25.7 23.4 24.5 12.1 0.7 91.4 90.3
Preference shares and bonds
0.4 – 0.4 2.6 2.5 0.9 6.8 8.5
Total investments
5.4 25.7 23.8 27.1 14.6 1.6 98.2 98.8
Net current assets
1.8 1.2
Total assets
A
100.0 100.0
A
See definition on page 121.

46 Murray International Trust PLC
Total Equities Distribution by Sector
0% 5% 10% 15% 20%
Technology
Financials
Utilities
Telecommunications
Health Care
Consumer Staples
Indu strials
Basic Materials
Real Estate
Energy
2022
2021
Total Equities Distribution by Geographic Region
0% 5% 10% 15% 20% 25% 30% 35%
Africa
United K ingdom
Europe ex UK
Latin America
North America
Asia Pacific ex Japan
2022
2021
Sector/Geo
g
raphical Analysis
Continued
Equities
Represent
103.1% of Net
Assets
51 Equity
Holdings
Portfolio
Turnover 11%
(2021: 12%)

Murray International Trust PLC 47
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Equities by Country
23.4%
8.7%
4.3%
6.5%
5.5%
1.4%
4.5%
4.0%
4.8%
4.8%
12.1%
16.9%
2.4%
0.7%
USA
Taiwan
Brazil
Mexico
UK
Indonesia
Singapore
Switzerland
Canada
Sweden
Other Asia Pacific ex Japan
Other Europe ex UK
Chile
Africa
2022
Preference Shares and Bonds by Country
8.7%
4.2%
12.2%
25.8%
25.7%
12.8%
5.5%
5.1%
Dominican Republic
Ecuador
India
Indonesia
Mexico
South Africa
Turkey
UK
2022
24.6%
13.3%
3.9%
5.8%
5.4%
2.4%
3.8%
3.6%
6.6%
5.4%
12.1%
10.2%
1.9%
1.0%
2021
8.2%
4.3%
13.7%
21.6%
32.4%
10.5%
4.1%
5.2%
2021

48 Murray International Trust PLC
Governance
The Company is committed to high
standards of corporate governance
and applies the principles identified in
the UK Corporate Governance Code
and the AIC Code of Corporate
Governance

Murray International Trust PLC 49

50 Murray International Trust PLC
David Hardie
Chairman and Independent Non-Executive Director
Experience:
David is a corporate lawyer by background and was
formerly a partner of UK law firm, Dundas & Wilson (now
part of CMS), where he was a partner for over 30 years
and where he held various positions including head of
corporate, managing partner and chairman. David is also
non-executive chairman of WNL Investments Limited.
Length of Service:
He was appointed a Director on 1 May 2014
Last re-elected to the Board:
22 April 2022
Contribution:
The Nomination Committee has reviewed the contribution
of Mr Hardie and notes his scheduled retirement on 31
December 2023. Ahead of that retirement, he will be
submitting himself for re-election at the AGM to be held in
April 2023 and the Committee has concluded that he has
continued to Chair the Company proficiently, leading the
Company with skill and expertise as well as continuing to
provide a wealth of legal experience and insight to the
Board’s deliberations through the year.
Committee membership:
Management Engagement Committee (Chairman) and
Nomination Committee (Chairman)
Connections with Trust, Manager or other Directors:
None
Shareholding in Company:
16,317 Ordinary shares at 2 March 2023
Claire Binyon
Independent Non-Executive Director
Experience:
Claire is a chartered accountant who, following an early
career in the City, held senior corporate development and
strategic planning roles with global multinational
businesses including inBev, Cadbury, DS Smith and Fenner
(a Michelin group company). She is a non-executive
director of JPMorgan American Investment Trust PLC and
IG Design Group plc.
Length of service:
She was appointed a Director on 26 April 2018
Last re-elected to the board:
22 April 2022
Contribution:
The Nomination Committee has reviewed the contribution
of Ms Binyon in light of her forthcoming re-election at the
AGM to be held in April 2023 and has concluded that Ms
Binyon continues to provide excellent global strategic and
financial insight to the Board as well as expertly chairing
the Audit and Risk Committee with due focus on the
significant areas of accounting financial risk.
Committee membership:
Audit and Risk Committee (Chairman), Management
Engagement Committee, Nomination Committee and
Remuneration Committee.
Connections with Trust, Manager or other Directors:
None
Shareholding in Company:
1,255 Ordinary shares at 2 March 2023
Board of Directors

Murray International Trust PLC 51
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Alexandra Mackesy
Senior Independent Non-Executive Director
Experience:
Alexandra is a former equity analyst, having spent the
majority of her executive career in Asia with SBC Warburg,
JP Morgan and Credit Suisse. She has some 18 years of
experience as a director of UK listed investment trusts and
is currently chairman of JPMorgan China Growth &
Income Trust plc and a non-executive director of The
Henderson Smaller Companies Trust plc. She is also a
director of Board Level Partners Ltd, which provides board
advisory services.
Length of Service:
She was appointed a Director on 1 May 2016
Last re-elected to the Board:
22 April 2022
Contribution:
The Nomination Committee has reviewed the contribution
of Mrs Mackesy in light of her forthcoming re-election at
the AGM to be held in April 2023 and has concluded that
she has provided significant investment insight and
investment trust expertise to the Board during the year.
Committee membership:
Audit and Risk Committee, Management Engagement
Committee, Nomination Committee and Remuneration
Committee (Chairman)
Connections with Trust, Manager or other Directors:
None
Shareholding in Company:
3,315 Ordinary shares at 2 March 2023
Nicholas Melhuish
Independent Non-Executive Director
Experience:
Nicholas joined Corpus Christi College, Oxford as Fellow
and Bursar in 2018 following a portfolio management
career most recently as Head of Global Equities at Amundi
SA. He is a non executive director of JPMorgan
Claverhouse Investment Trust PLC, a trustee of the
Trusthouse Charitable Foundation and a director and
trustee of The London Clinic. He also lectures at the Saïd
Business School at Oxford University on Asset
Management.
Length of Service:
He was appointed a Director on 1 May 2021
Last elected to the Board:
22 April 2022
Contribution:
The Nomination Committee has reviewed the contribution
of Mr Melhuish in light of his forthcoming re-election at the
AGM to be held in April 2023 and has concluded that he
has delivered excellent global investment insight and
challenge.
Committee membership:
Audit and Risk Committee, Management Engagement
Committee, Nomination Committee and Remuneration
Committee
Connections with Trust, Manager or other Directors:
None
Shareholding in Company:
3,502 Ordinary shares at 2 March 2023

52 Murray International Trust PLC
Virginia Holmes
Independent Non-Executive Director
Experience:
Virginia is the former CEO of AXA Investment Managers
Limited and brings significant senior asset management
expertise and experience to the Board. She is currently
Senior Independent Director at both Syncona Limited and
European Opportunities Trust PLC and Chair of the
Remuneration Committee at Intermediate Capital Group
plc. She is a current and past Chair and Trustee of a
number of pension funds and was previously a founder
director of the Investment Forum.
Length of Service:
Appointed on 22 June 2022
Last re-elected to the Board:
Proposed for election at the AGM on 21 April 2023
Contribution:
The Nomination Committee has reviewed the contribution
of Ms Holmes in light of her forthcoming election at the
AGM to be held in April 2023 and has concluded that she
has already, in the short period of time since her
appointment in June 2022, brought significant wider
investment insight and challenge.
Committee membership:
Audit and Risk Committee, Management Engagement
Committee, Nomination Committee and Remuneration
Committee
Connections with Trust, Manager or other Directors:
None
Shareholding in Company:
2,000 Ordinary shares at 2 March 2023
Board of Directors
Continued

Murray International Trust PLC 53
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The Directors present their report and the audited
financial statements for the year ended
31 December 2022.
Results and Dividends
Details of the Company’s results and proposed dividends
are shown on pages 4 and 5 of this Report.
Investment Trust Status
The Company is registered as a public limited company
(registered in Scotland No. SC006705) and has been
accepted by HM Revenue & Customs as an investment
trust subject to the Company 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 for all
financial years commencing on or after 1 January 2012.
The Directors are of the opinion that the Company has
conducted its affairs for the year ended 31 December
2022 so as to enable it to comply with the ongoing
requirements for investment trust status.
Individual Savings Accounts
The Company has conducted its affairs so 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.
Share Capital
The Company’s capital structure is summarised in note 14
to the financial statements. At 31 December 2022, there
were 125,012,893 fully paid Ordinary shares of 25p each
(2021 – 125,861,856 Ordinary shares) in issue. At the year
end there were 4,399,110 Ordinary shares held in Treasury
(2021 – 3,550,147).
During the year 848,963 Ordinary shares were bought
back for Treasury representing 0.6% of the Company’s
total issued share capital (2021 – 2,576,806 representing
2.0% of the Company’s total issued share capital). Further
details on buybacks are provided in note 14 to the
financial statements.
Share Rights
Ordinary shareholders are entitled to vote on all
resolutions which are proposed at general meetings of the
Company. The Ordinary shares carry a right to receive
dividends and, on a winding up, after meeting the liabilities
of the Company, the surplus assets will be paid to Ordinary
shareholders in proportion to their shareholdings.
Management and Secretarial Arrangements
The Company has appointed abrdn Fund Managers
Limited (“aFML”), a wholly owned subsidiary of abrdn plc,
as its alternative investment fund manager under the
terms of an investment management agreement dated
14 July 2014 (as amended). Under the terms of the
agreement, the Company’s portfolio is managed by abrdn
Investments Limited (“aIL”) by way of a group delegation
agreement in place between aFML and aIL. Investment
management services are provided to the Company by
aFML. Company secretarial, accounting and
administrative services have been delegated by aFML to
abrdn Holdings Limited.
Up to 31 December 2021, the annual management fee
was charged on net assets (ie excluding borrowings for
investment purposes), averaged over the six previous
quarters (“Net Assets”) on the following tiered basis: 0.5%
of Net Assets up to £1,200m and 0.425% of Net Assets
above £1,200m.
With effect from 1 January 2022, the management fee
has been charged at the rate of 0.5% per annum of Net
Assets up to £500m and 0.4% per annum of Net Assets
above £500m. Save for the aforementioned changes, all
other terms and conditions contained in the Company's
Management Agreement dated 14 July 2014 (as
amended) remain unaltered.
A fee of 1.5% per annum remains chargeable on the value
of any unlisted investments. The investment management
fee is chargeable 30% against revenue and 70% against
realised capital reserves in line with the Board’s long-term
expectation of returns from revenue and capital. No fees
are charged in the case of investments managed or
advised by the abrdn Group.
The management agreement may be terminated by
either party on the expiry of six months’ written notice. On
termination, the Manager would be entitled to receive fees
which would otherwise have been due up to that date.
The Board considers the continued appointment of the
Manager on the terms agreed to be in the interests of the
shareholders as a whole because the abrdn Group has
the investment management, secretarial, promotional
and administrative skills and expertise required for the
effective operation of the Company.
The Board
The Board currently consists of five non-executive
Directors.
Directors’ Report

54 Murray International Trust PLC
The names and biographies of the current Directors are
disclosed on pages 50 to 52 indicating their range of
experience as well as length of service. Ms Holmes was
appointed to the Board on 22 June 2022.
The Directors will retire at the AGM in April 2023 and, with
the exception of Ms Holmes, each Director will stand for
re-election (with Ms Holmes standing for election).
The Board considers that there is a balance of skills and
experience within the Board relevant to the leadership
and direction of the Company and that all the Directors
contribute effectively. The reasons for the re-election,
where relevant, of the individual Directors are set out on
pages 50 to 52.
In common with most investment trusts, the Company has
no employees. Directors’ & Officers’ liability insurance
cover has been maintained throughout the year at the
expense of the Company. The Company’s Articles of
Association provide an indemnity to the Directors out of
the assets of the Company against any liability incurred in
defending proceedings or in connection with any
application to the Court in which relief is granted.
Board Diversity
As indicated in the Strategic Report, the Board recognises
the importance of having a range of skilled, experienced
individuals with the right knowledge represented on the
Board in order to allow it to fulfil its obligations. The Board
also recognises the benefits and is supportive of, and will
give due regard to, the principle of diversity in its
recruitment of new Board members. The Board will not
display any bias for age, gender, race, sexual orientation,
socio-economic background, religion, ethnic or national
origins or disability in considering the appointment of
Directors. The Board will continue to ensure that all
appointments are made on the basis of merit against the
specification prepared for each appointment. The Board
takes account of the targets set out in the FCA’s Listing
Rules, which are set out below.
As an externally managed investment company, the
Board employs no executive staff, and therefore does not
have a chief executive officer (CEO) or a chief financial
officer (CFO)- both of which are deemed senior board
positions by the FCA. However, the Board considers the
Chair of the Audit and Risk Committee to be a senior
board position and the following disclosure is made on this
basis. Other senior board positions recognised by the FCA
are chair of the board and senior independent director
(SID). In addition, the Board has resolved that the
Company’s year end date be the most appropriate date
for disclosure purposes.
The following information has been voluntarily disclosed
by each Director and is correct as at 31 December 2022.
The Board expects the Company to be in compliance with
the recommendations of the Parker Review on diversity in
the UK boardroom by the end of the current financial year.
Directors’ Report
Continued
Board as at 31 December 2022
Number of Board
Members
Percentage of
the Board
Number of Senior
Positions
on the Board
Men
2 40% 1
Women
3 60% 2
Prefer not to say
- - -
White British or other White (including minority-white groups)
5 100% 3
Minority Ethnic
0 0 0
Prefer not to say
- - -

Murray International Trust PLC 55
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The Role of the Chairman and Senior Independent Director
The Chairman is responsible for providing effective
leadership to the Board, by setting the tone of the
Company, demonstrating objective judgement and
promoting a culture of openness and debate. The
Chairman facilitates the effective contribution, and
encourages active engagement, by each Director. In
conjunction with the Company Secretary, the Chairman
ensures that Directors receive accurate, timely and clear
information to assist them with effective decision-making.
The Chairman leads the evaluation of the Board and
individual Directors, and acts upon the results of the
evaluation process by recognising strengths and
addressing any weaknesses. The Chairman also engages
with major shareholders and ensures that all Directors
understand shareholder views.
The Senior Independent Director acts as a sounding board
for the Chairman and acts as an intermediary for other
Directors, when necessary. Working closely with the
Nomination Committee, the Senior Independent Director
takes responsibility for an orderly succession process for
the Chairman, and leads the annual appraisal of the
Chairman’s performance. The Senior Independent
Director is also available to shareholders to discuss any
concerns they may have.
Management of Conflicts of Interest
No Director has a service contract with the Company
although Directors are issued with letters of appointment
upon appointment. The Directors’ interests in contractual
arrangements with the Company are as shown in note 21 to
the financial statements and the Directors’ Remuneration
Report. No Directors had any other interest in contracts with
the Company during the period or subsequently.
The Board has a procedure in place to deal with a
situation where a Director has a conflict of interest, as
required by the Companies Act 2006. As part of this
process, the Directors are required to disclose other
positions held and all other conflict situations that may
need to be authorised either in relation to the Director
concerned or his or her connected persons. The Board
considers each Director’s situation and decides whether
to approve any conflict, taking into consideration what is in
the best interests of the Company and whether the
Director’s ability to act in accordance with their wider
duties is affected. Each Director is required to notify the
Company Secretary of any potential or actual conflict
situations that will need authorising by the Board.
Authorisations given by the Board are reviewed at each
Board meeting. All proposed significant external
appointments are also required to be approved, in
advance, by the Chairman and then communicated to
other Directors for information.
The Company has a policy of conducting its business in an
honest and ethical manner. The Company takes a zero
tolerance approach to bribery and corruption and has
procedures in place that are proportionate to the
Company’s circumstances to prevent them. The Manager
also adopts a group-wide zero tolerance approach and
has its own detailed policy and procedures in place to
prevent bribery and corruption. Copies of the Manager’s
anti-bribery and corruption policies are available on
its website.
In relation to the corporate offence of failing to prevent
tax 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 whether under UK law or under the law of any
foreign country and is committed to acting professionally,
fairly and with integrity in all its business dealings
and relationships.
Corporate Governance
The Corporate Governance Statement forms part of the
Directors’ Report. The Company is committed to high
standards of corporate governance. The Board is
accountable to the Company’s shareholders for good
governance and this statement describes how the
Company has applied the principles identified in the UK
Corporate Governance Code as published in July 2018
(the “UK Code”), which is available on the Financial
Reporting Council’s (the “FRC”) website: frc.org.uk.
The Board has also considered the principles and
provisions of the AIC Code of Corporate Governance as
published in February 2019 (the “AIC Code”). The AIC
Code addresses the principles and provisions set out in the
UK Code, as well as setting out additional provisions on
issues that are of specific relevance to the Company. The
AIC Code is available on the AIC’s website: theaic.co.uk.
The Board considers that reporting against the principles
and provisions of the AIC Code, which has been endorsed
by the FRC, provides more relevant information to
shareholders.
The Board confirms that, during the year, the Company
complied with the principles and provisions of the AIC
Code and the relevant provisions of the UK Code, except
as set out below.

56 Murray International Trust PLC
The UK Code includes provisions relating to:
· interaction with the workforce (provisions 2, 5 and 6);
· the role and responsibility of the chief executive
(provisions 9 and 14);
· previous experience of the chairman of a remuneration
committee (provision 32); and
· executive directors’ remuneration (provisions 33
and 36 to 40).
The Board considers that these provisions 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.
The full text of the Company’s Corporate Governance
Statement can be found on the Company’s website,
murray-intl.co.uk.
The table below details Directors’ attendance at
scheduled Board and Committee meetings held during
the year ended 31 December 2022 (with eligibility to
attend the relevant meeting in brackets). In addition there
were a number of other ad hoc Board meetings held
during the year.
Scheduled
Board
Audit
Com
Nom
Com
MEC Rem
Com
D. Hardie
A
6 (6) n/a 2 (2) 1 (1) n/a
C. Binyon
6 (6) 3 (3) 2 (2) 1 (1) 1 (1)
A. Mackesy
6 (6) 3 (3) 2 (2) 1 (1) 1 (1)
V. Holmes
B
4 (4) 2 (2) n/a n/a 1 (1)
N. Melhuish
6 (6) 3 (3) 2 (2) 1 (1) 1 (1)
A
Mr Hardie is not a member of either the Audit and Risk Committee or the
Remuneration Committee but attended all Committee meetings by invitation
B
Ms Holmes was appointed to the Board on 22 June 2022
Board Committees
Terms of Reference
The terms of reference of all the Board Committees may
be found on the Company’s website murray-intl.co.uk and
copies are available from the Company Secretary upon
request. The terms of reference are reviewed and re-
assessed by the Board for their adequacy on an
annual basis.
Audit and Risk Committee
The Report of the Audit and Risk Committee is on pages 66
and 67 of this Annual Report.
Management Engagement Committee (“MEC”)
The MEC comprises all of the Directors. Mr Hardie is the
Chairman. The Committee reviews the performance of
the Manager and its compliance with the terms of the
management and secretarial agreement. The terms and
conditions of the Manager’s appointment, including an
evaluation of fees, are reviewed by the Committee on an
annual basis. The Committee believes that the continuing
appointment of the Manager on the terms that have
been agreed is in the interests of shareholders as a whole.
The Committee is also responsible for the oversight
and annual review of all other key service provider
relationships.
Nomination Committee
All appointments to the Board of Directors are considered
by the Nomination Committee which comprises the entire
Board and is chaired by Mr Hardie. The Board’s overriding
priority in appointing new Directors to the Board is to
identify the candidate with the best range of skills and
experience to complement existing Directors. The Board
also recognises the benefits of diversity and its policy on
diversity is referred to in the Strategic Report on page 30.
When Board positions become available as a result of
retirement or resignation, the Company ensures that a
diverse group of candidates is considered.
The Board’s policy on tenure is that continuity and
experience are considered to add significantly to the
strength of the Board. The Board also takes the view that
independence is not necessarily compromised by length
of tenure on the Board. However, in compliance with the
provisions of the AIC Code, it is expected that Directors will
serve in accordance with the time limits laid down by the
AIC Code. It is the policy of the Board that the Chairman
of the Company should retire once he or she has served
as a Director for nine years in line with current best
practice of the Financial Reporting Council. However there
could be circumstances where it might be appropriate to
ask a Chairman to stay on for a limited period and the
reasons for the extension will be fully explained to
shareholders and a timetable for the departure of the
Chairman clearly set out.
Continued
Directors’ Report

Murray International Trust PLC 57
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
As part of its succession plans, Mr Hardie will be retiring
from the Board on 31 December 2023 at which point he
will have served nine years and seven months. As
explained in the Chairman’s Statement, Mr Hardie has
agreed to oversee the Board’s ongoing succession
planning resulting in the short extension to his
planned tenure.
The Company has initiated two separate searches for the
appointment of two new independent non-executive
Directors using the services of Fletcher Jones and
Longwater Partners, both independent external
recruitment consultants that have no other connections or
conflicts with the Company. A key requirement of the
recruitment process is to ensure the continuity of the
Board’s open and inclusive culture, policies and practices
which are judged to be essential to the future success of
the Company. The Company will update shareholders as
soon as new appointments have been agreed.
The Committee has put in place the necessary
procedures to conduct, on an annual basis, an appraisal of
the Chairman of the Board, Directors’ individual self-
evaluation and a performance evaluation of the Board as
a whole. An external evaluation is currently being
undertaken using the services of Lintstock, an
independent external board evaluation service provider
that does not have any other connections with the
Company. This external evaluation includes the
completion of questionnaires covering the Board,
individual Directors, the Chairman and the Audit and Risk
Committee Chairman. The detailed findings will then be
considered by the Board and the Chairman will then meet
each Director individually to review their responses and
the Senior Independent Director will meet the Chairman to
provide evaluation feedback.
In accordance with Principle 23 of the AIC’s Code of
Corporate Governance which recommends that all
directors of investment companies should be subject to
annual re-election by shareholders, all the members of
the Board, will retire at the forthcoming Annual General
Meeting and will offer themselves for re-election (Ms
Holmes will be offering herself for election). The
Committee has reviewed each of the proposed
reappointments and concluded that each of the Directors
has the requisite high level and range of business and
financial experience and recommends their re-election at
the forthcoming AGM. Details of the contributions
provided by each Director during the year are disclosed
on pages 50 and 52.
Remuneration Committee
The level of fees payable to Directors is considered by the
Remuneration Committee which comprises the entire
Board excluding the Chairman who attends by invitation
and which is chaired by Mrs Mackesy.
The Company’s remuneration policy is to set
remuneration at a level to attract individuals of a calibre
appropriate to the Company’s future development.
Further information on remuneration is disclosed in the
Directors’ Remuneration Report on pages 63 to 65.
Going Concern
The Directors have undertaken a robust review of the
Company’s viability (refer to statement on page 37) and
ability to continue as a going concern. The Company’s
assets consist of a diverse portfolio of listed equity shares
and bonds. The equities and a majority of the bond
portfolio are, in most circumstances, realisable within a
very short timescale.
The Company has a £60 million fixed rate loan facility
which is due to mature in May 2023. The Directors are
currently reviewing options to replace the facility including
the use of the Loan Note Shelf Facility. If acceptable terms
are available, the Company expects to continue to access
a similarly sized level of gearing. However, should the
Board decide not to replace the facility, any maturing debt
would be repaid through the proceeds of equity and/or
bond sales.
The Directors are mindful of the principal risks and
uncertainties disclosed on pages 35 and 36 and have
reviewed forecasts detailing revenue and liabilities.
Notwithstanding the continuing uncertain economic
environment, the Directors believe that the Company has
adequate financial resources to continue its operational
existence for the foreseeable future and at least 12
months from the date of this Annual Report. Accordingly,
the Directors continue to adopt the going concern basis in
preparing these financial statements.
Accountability and Audit
Each Director confirms that, so far as he or she is aware,
there is no relevant audit information of which the
Company’s auditor is unaware, and he or she has taken all
the steps that they ought to have taken as a Director in
order to make themselves aware of any relevant audit
information and to establish that the Company’s auditor is
aware of that information.

58 Murray International Trust PLC
Independent Auditor
BDO LLP was appointed independent auditor to the
Company with effect from the AGM on 27 April 2020. BDO
LLP has expressed its willingness to continue to be the
Company’s independent auditor and a Resolution to re-
appoint BDO LLP as the Company’s auditor will be put to
the forthcoming AGM, along with a separate Resolution to
authorise the Directors to fix the auditor’s remuneration.
Internal Controls and Risk Management
Details of the financial risk management policies and
objectives relative to the use of financial instruments by
the Company including information on exposure to price
risk, credit risk, liquidity risk and cash flow risk are set out in
note 18 to the financial statements. The Board of Directors
is ultimately responsible for the Company’s system of
internal control and for reviewing its effectiveness.
Following the Financial Reporting Council’s publication of
“Guidance on Risk Management, Internal Controls and
Related Financial and Business Reporting” (the “FRC
Guidance”), the Directors confirm that there is an ongoing
process for identifying, evaluating and managing the
significant risks faced by the Company. This process has
been in place for the full year under review and up to the
date of approval of the financial statements, and this
process is regularly reviewed by the Board and accords
with the relevant sections of the FRC Guidance.
The Board has reviewed the effectiveness of the system of
internal control and, in particular, it has reviewed the
process for identifying and evaluating the significant risks
faced by the Company and the policies and procedures
by which these risks are managed.
The Directors have delegated the investment
management of the Company’s assets to aFML within
overall guidelines and this embraces implementation of
the system of internal control, including financial,
operational and compliance controls and risk
management. Internal control systems are monitored and
supported by aFML’s internal audit function which
undertakes periodic examination of business processes,
including compliance with the terms of the management
agreement, and ensures that recommendations to
improve controls are implemented.
Risks are identified and documented through a risk
management framework by each function within the
Manager’s activities. Risk is considered in the context of the
FRC Guidance and includes financial, regulatory, market,
operational and reputational risk. This helps the Manager’s
internal audit risk assessment model to identify those
functions for review. Any relevant weaknesses identified
through internal audit’s review are reported to the Board
and timetables are agreed for implementing
improvements to systems, processes and controls. The
implementation of any remedial action required is
monitored and feedback provided to the Board.
The key components designed to provide effective
internal control for the year under review and up to the
date of this Report are outlined below:
· the Manager prepares forecasts and management
accounts which allow the Board to assess the Company’s
activities and review its investment performance;
· the Board and Manager have agreed clearly defined
investment criteria;
· there are specified levels of authority and exposure
limits. Reports on these issues, including performance
statistics and investment valuations, are regularly
submitted to the Board. The Manager’s investment
process and financial analysis of the companies
concerned include detailed appraisal and due diligence;
· as a matter of course the internal audit and compliance
departments of aFML continually review the Manager’s
operations;
· written agreements are in place which specifically define
the roles and responsibilities of the Manager and other third
party service providers and monitoring reports are
received from these providers when required;
· the Board has considered the need for an internal audit
function but, because of the compliance and internal
control systems in place at the Manager, has decided to
place reliance on the Manager’s systems and internal
audit procedures; and
· twice a year, at its board meetings, the Board carries out
an assessment of internal controls by considering
documentation from the Manager, including its internal
audit and compliance functions and taking account of
events since the relevant period end.
In addition the Manager operates a ‘three lines of defence’
model over its activities with the abrdn business units
responsible for adhering to applicable rules and
regulations; the compliance team is then responsible for
checking that the rules are being followed and then
internal audit is responsible for independently reviewing
these arrangements.
The Manager ensures that clearly documented contractual
arrangements exist in respect of any activities that have
been delegated to external professional organisations. The
Board meets annually with representatives from BNY Mellon
and reviews a control report covering the activities of the
depositary and custodian.
Directors’ Report
Continued

Murray International Trust PLC 59
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Representatives from the Internal Audit Department of the
Manager report six monthly to the Audit and Risk
Committee of the Company and have direct access to
the Directors at any time.
The Board has reviewed the effectiveness of the
Manager’s system of internal control including its annual
internal controls report prepared in accordance with the
International Auditing and Assurance Standards Board’s
International Standard on Assurances Engagements
(“ISAE”) 3402, “Assurance Reports on Controls at a Service
Organisation”. The Board has also reviewed the Manager’s
process for identifying and evaluating the significant risks
faced by the Company and the policies and procedures
by which these risks are managed. The internal control
systems are designed to meet the Company’s particular
needs and the risks to which it is exposed. Accordingly, the
internal control systems are designed to manage rather
than eliminate the risk of failure to achieve business
objectives and, by their nature, can provide reasonable
but not absolute assurance against material
misstatement or loss.
Future Developments
A detailed outlook for the Company including any likely
future developments is provided in the Chairman’s
Statement on pages 8 to 11.
There have been no post balance sheet events to report.
Substantial Interests
The Board has been advised that the following
shareholders owned 3% or more of the issued Ordinary
share capital of the Company at 31 December 2022:
Shareholder
No. of Ordinary
shares held % held
Hargreaves Lansdown
A
13,182,361 10.5
Rathbones
12,562,960 10.1
Interactive Investor
A
12,360,732 9.9
abrdn Retail Plans
A
10,329,429 8.3
Evelyn Partners
7,246,862 5.8
Charles Stanley
6,842,059 5.5
Investec Wealth & Management
5,033,971 4.0
AJ Bell
4,403,052 3.5
A
Non-beneficial interests
There have been no significant changes notified in respect
of the above holdings between 31 December 2022 and
2 March 2023.
The UK Stewardship Code and Proxy Voting
Responsibility for actively monitoring the activities of
portfolio companies has been delegated by the Board to
the AIFM which has sub-delegated that authority to the
Manager.
The Manager is a tier 1 signatory of the UK Stewardship
Code which aims to enhance the quality of engagement
by investors with investee companies in order to improve
their socially responsible performance and the long-term
investment return to shareholders.
Discount Management Policy and Business of
Annual General Meeting
Issue of Shares
In terms of the Companies Act 2006 (the “Act”), the
Directors may not allot shares unless so authorised by the
shareholders. Resolution 13 in the Notice of Annual
General Meeting which will be proposed as an Ordinary
Resolution will, if passed, give the Directors the necessary
authority to allot shares up to an aggregate nominal
amount of £3,125,322 (equivalent to 12,501,289 Ordinary
shares of 25p or 10% of the Company’s existing issued
share capital at 2 March 2023, the latest practicable date
prior to the publication of this Annual Report). Such
authority will expire on the date of the 2024 Annual
General Meeting or on 30 June 2024, whichever is earlier.
This means that the authority will have to be renewed at
the next Annual General Meeting.
When shares are to be allotted for cash, Section 561 of the
Act provides that existing shareholders have pre-emption
rights and that the new shares must be offered first to
such shareholders in proportion to their existing holding of
shares. However, shareholders can, by special resolution,
authorise the Directors to allot shares otherwise than by a
pro rata issue to existing shareholders. Special Resolution
14 will, if passed, also give the Directors power to allot for
cash equity securities up to an aggregate nominal amount
of £3,125,322 (equivalent to 12,501,289 Ordinary shares of
25p or 10% of the Company’s existing issued share capital
at 2 March 2023, the latest practicable date prior to the
publication of this Annual Report), as if Section 561 of the
Act does not apply. This is the same nominal amount of
share capital which the Directors are seeking the authority

60 Murray International Trust PLC
to allot pursuant to Resolution 13. This authority will also
expire on the date of the 2024 Annual General Meeting or
on 30 June 2024, whichever is earlier. This authority will not
be used in connection with a rights issue by the Company.
The Directors intend to use the authority given by
Resolutions 13 and 14 to allot shares and disapply pre-
emption rights only in circumstances where this will be
clearly beneficial to shareholders as a whole. Accordingly,
issues will only be made where shares can be issued at a
premium of 0.5% or more to NAV and there will never be
any dilution for existing shareholders. The issue proceeds
will be available for investment in line with the Company’s
investment policy. No issue of shares will be made which
would effectively alter the control of the Company without
the prior approval of shareholders in general meeting.
Resolution 14 will also disapply pre-emption rights on the
sale of Treasury shares as envisaged above. Once again,
the pre-emption rights would only be disapplied where the
Treasury shares are sold at a premium to NAV of not less
than 0.5%.
Share Buybacks
At the Annual General Meeting held on 22 April 2022,
shareholders approved the renewal of the authority
permitting the Company to repurchase its Ordinary shares.
The Directors wish to renew the authority given by
shareholders at the last Annual General Meeting. The
principal aim of a share buyback facility is to enhance
shareholder value by acquiring shares at a discount to
NAV, as and when the Directors consider this to be
appropriate. The purchase of shares, when they are
trading at a discount to NAV per share, should result in an
increase in the NAV per share for the remaining
shareholders. This authority, if conferred, will only be
exercised if to do so would result in an increase in the NAV
per share for the remaining shareholders and if it is in the
best interests of shareholders generally. Any purchase of
shares will be made within guidelines established from
time to time by the Board. It is proposed to seek
shareholder authority to renew this facility for another
year at the Annual General Meeting.
Under the Listing Rules, the maximum price that may be
paid on the exercise of this authority must not be more
than the higher of (i) an amount equal to 105% of the
average of the middle market quotations for a share
taken from the London Stock Exchange Daily Official List
for the five business days immediately preceding the day
on which the share is purchased; and (ii) the higher of the
last independent trade and the current highest
independent bid on the trading venue where the purchase
is carried out. The minimum price which may be paid is the
nominal value of the share. It is currently proposed that
any purchase of shares by the Company will be made
from the capital reserve of the Company. The purchase
price will normally be paid out of the cash balances held
by the Company from time to time.
Special Resolution 15 will permit the Company to buy back
shares and any shares bought back by the Company may
be cancelled or held as Treasury shares. The benefit of the
ability to hold Treasury shares is that such shares may be
resold. This should give the Company greater flexibility in
managing its share capital and improve liquidity in its
shares. The Company would only sell on Treasury shares
at a premium to NAV. When shares are held in Treasury,
all voting rights are suspended and no distribution (either
by way of dividend or by way of a winding up) is permitted
in respect of Treasury shares. If the Directors believe that
there is no likelihood of re-selling shares bought back, such
shares would be cancelled. During the year to 31
December 2022 the Directors have successfully used
the share buyback authority to acquire 848,963 shares
for Treasury.
Special Resolution 15 in the Notice of Annual General
Meeting will renew the authority to purchase in the market
a maximum of 14.99% of shares in issue at the date of the
Annual General Meeting (amounting to 18,739,432
Ordinary shares of 25p as at 2 March 2023 or, if Resolution
12 relating to the proposed share sub-division is passed,
93,697,163 Ordinary shares of 5p each). Such authority will
expire on the date of the 2024 Annual General Meeting or
on 30 June 2024, whichever is earlier. This means in effect
that the authority will have to be renewed at the next
Annual General Meeting or earlier if the authority has
been exhausted.
Directors’ Report
Continued

Murray International Trust PLC 61
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Proposed Sub-division of Ordinary Shares
As indicated in the Chairman’s Statement on pages 9 and
10, subject to shareholder approval at the Annual General
Meeting on 21 April 2023, the Directors intend to
undertake a five for one share sub-division.
The market price of the Company’s existing Ordinary
shares of 25 pence each (the "existing Ordinary shares")
has more than quadrupled over the last 20 years such
that, as at 1 March 2023 (being the latest practicable date
prior to publication of this document), the closing mid-
market price of an existing Ordinary share was
1339.0 pence.
To assist monthly savers and those who reinvest their
dividends or are looking to invest smaller amounts, the
Directors believe that it is appropriate to propose the sub-
division of each of the existing Ordinary shares of 25
pence each into five new shares of 5 pence each (the
‘new Ordinary shares’) pursuant to Resolution 12 at the
Annual General Meeting (the ‘Sub-division’), thereby
resulting in a lower market price per Ordinary share. The
Directors believe that the Sub-division may also improve
the liquidity in and marketability of the Company’s shares,
which will benefit all shareholders.
Following the Sub-division, each shareholder will hold five
new Ordinary shares for each existing Ordinary share
they held immediately prior to the Sub-division. Whilst the
Sub-division will increase the number of Ordinary shares
the Company has in issue, the net asset value per share
and market price immediately after the Sub-division are
expected to become one-fifth of their respective values
immediately preceding the Sub-division.
A holding of new Ordinary shares following the Sub-
division will represent the same proportion of the issued
Ordinary share capital of the Company as the
corresponding holding of existing Ordinary shares
immediately prior to the Sub-division. The Sub-division will
therefore not itself affect the overall value of a
shareholder’s holding in the Company.
The new Ordinary shares will rank equally with each other
and will carry the same rights and be subject to the same
restrictions (save as to nominal value) as the existing
Ordinary shares, including with respect to dividends.
The Sub-division should be treated as a reorganisation of
the share capital of the Company for the purposes of UK
Capital Gains Tax and UK Corporation Tax on chargeable
gains in accordance with Part IV, Chapter II, Taxation of
Chargeable Gains Act 1992. Accordingly, shareholders
who are within the charge to UK tax in respect of their
Ordinary shares should not be treated as disposing of their
existing Ordinary shares and the new Ordinary shares
received from the Sub-division should be treated as the
same asset as the shareholder’s holding of existing
Ordinary shares and should also be treated as having
been acquired at the same time, and for the same
consideration, as that holding of existing Ordinary shares
for UK tax purposes. On a subsequent disposal of the
whole or part of the new Ordinary shares, such a
shareholder may, depending upon their own personal
circumstances, be subject to UK tax on the amount of any
chargeable gain realised. Shareholders who are subject to
tax in any jurisdiction outside of the UK are advised to seek
their own tax advice on how the Sub-division should be
treated for local tax purposes.
The Sub-division requires shareholder approval and,
accordingly, Resolution 12 seeks such approval. The Sub-
division is conditional on the new Ordinary shares being
admitted to the Official List of the Financial Conduct
Authority and to trading on the London Stock Exchange’s
main market for listed securities ("Admission"). If the
Company's Admission applications are accepted, it is
proposed that the last day of dealings in the existing
Ordinary shares will be 21 April 2023 (with the record date
for the Sub-division being 6:00 p.m. on that day) and the
effective date for dealings to commence in the new
Ordinary shares will be on 24 April 2023.
The aggregate nominal value of the Company’s issued
share capital as at 2 March 2023 (being the latest
practicable date prior to the publication of this document)
was £32,353,000 divided into 125,012,893 existing
Ordinary shares of 25 pence each and 4,399,110 Treasury
shares of 25p each. Following the Sub-division becoming
effective, the total aggregate nominal value of the
Company's issued share capital will remain at £32,353,000
(on the assumption that there are no buy backs or issues
of the Company’s Ordinary shares between the date of
this document and the date on which the Sub-division
takes effect) but will be divided into 625,064,465 new
Ordinary shares of 5 pence each and 21,995,550 Treasury
shares of 5p each. A holding of new Ordinary shares
immediately following the Sub-division will represent the
same proportion of the issued share capital of the
Company as the corresponding holding of existing

62 Murray International Trust PLC
Ordinary shares in issue immediately prior to the Sub-
division.
The new Ordinary shares may be held in certificated or
uncertificated form. Following the Sub-division becoming
effective, share certificates in respect of the existing
Ordinary shares will cease to be valid and will be
cancelled. New certificates in respect of the new Ordinary
shares will be issued to those shareholders who hold their
existing shares in certificated form, and are expected to
be dispatched by 5 May 2023. No temporary documents
of title will be issued. Transfers of new Ordinary shares
between the date of Admission of the new Ordinary
shares and the dispatch of new certificates will be
certified against the Company’s register of members held
by the Company’s registrar. It is expected that the ISIN of
the existing Ordinary shares will be disabled in CREST at
the close of business on 21 April 2023 and that the new
Ordinary shares will be credited to CREST accounts on 24
April 2023.
If Resolution 12 is passed, the Sub-division will become
effective on Admission, which is expected to be at 8.00
a.m. on 24 April 2023 or such later date as the Directors
may in their absolute discretion determine.
The new Ordinary Shares will retain the ticker of the
existing Ordinary Shares (being MYI) but will have a new
ISIN and SEDOL.
Recommendation
The Directors consider that the authorities requested
above are in the best interests of the shareholders taken
as a whole and recommend that all shareholders vote in
favour of the resolutions, as the Directors intend to in
respect of their own beneficial holdings of Ordinary shares
amounting in aggregate to 26,389 shares, representing
approximately 0.02% of the Company’s issued share
capital as at 2 March 2023.
By order of the Board of Murray International Trust PLC
abrdn Holdings Limited
Secretary
1 George Street, Edinburgh EH2 2LL
2 March 2023
Directors’ Report
Continued

Murray International Trust PLC 63
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The Board has prepared this report in accordance with
the regulations governing the disclosure and approval of
Directors’ remuneration.
Remuneration Committee
As recommended by the AIC Code, a Remuneration
Committee has been established with written terms of
reference, copies of which are available upon request
from the Company Secretary and on the Company’s
website. The Remuneration Committee comprises the
whole Board, excluding Mr Hardie, and I, Alexandra
Mackesy, am the Chairman.
This Remuneration Report comprises three parts:
· Remuneration Policy, which is subject to a binding
shareholder vote every three years (or sooner if varied
during this interval) – most recently approved at the
27 April 2020 AGM and for approval at the AGM in
April 2023;
· Implementation Report, which provides information on
how the Remuneration Policy has been applied during
the year and which is subject to an advisory vote on the
level of remuneration paid during the year; and
· Annual Statement confirming compliance with
regulations.
The law requires the Company’s auditor to audit certain of
the disclosures provided. Where disclosures have been
audited, they are indicated as such. The auditor’s opinion is
included in the report on page 69.
Remuneration Policy
This part of the Remuneration Report provides details of
the Company’s Remuneration Policy for Directors of the
Company. This policy takes into consideration the
principles of UK Corporate Governance and the AIC’s
recommendations regarding the application of those
principles to investment companies. The Company
currently has five independent non-executive Directors.
There have been no changes to the policy during the
period of this Report nor are there any proposals for
change in the foreseeable future. No shareholder views
were sought in setting the remuneration policy although
any comments received from shareholders are
considered.
The Directors are non-executive and their fees are set
within the limits of the Company’s Articles of Association.
The Board’s policy on Directors’ fees is that the
remuneration of non-executive Directors should reflect
the nature of their duties, responsibilities and the value of
their time spent and be fair and comparable to that of
other investment trusts that are similar in size, have a
similar capital structure and have a similar investment
objective. Fees are reviewed annually and, if considered
appropriate, increased accordingly.
Articles Limit on Directors’ Fees
The Company’s Articles of Association limit the aggregate
fees payable to the Board of Directors per annum to
£300,000. The level of cap may be increased by
shareholder resolution from time to time and was last
increased in 2021.
Terms of Appointment
· The Company intends only to appoint non-executive
Directors;
· All the Directors are non-executive and appointed under
the terms of Letters of Appointment;
· Directors must retire and be subject to election at the
first AGM after their appointment and annual re-
election thereafter in line with the Articles of Association;
· It is the policy of the Board that the Chairman of the
Company will normally retire once he or she has served
as a Director for nine years (further details on page 56);
· New appointments to the Board will be placed on the
fee applicable to all Directors at the time of appointment
(£30,000 for the year to 31 December 2023);
· No incentive or introductory fees will be paid to
encourage a Directorship;
· The Directors are not eligible for bonuses, pension
benefits, share options, long-term incentive schemes or
other benefits; and
· Directors are entitled to re-imbursement of out-of-
pocket expenses incurred in connection with the
performance of their duties, including travel expenses.
Performance, Service Contracts, Compensation and
Loss of Office
· The Directors’ remuneration is not subject to any
performance related fee;
· No Director has a service contract;
· No Director was interested in contracts with the
Company during the period or subsequently;
· The terms of appointment provide that a Director may
be removed without notice;
· Compensation will not be due upon leaving office; and
· No Director is entitled to any other monetary payment
or any assets of the Company.
Directors’ Remuneration Report

64 Murray International Trust PLC
Directors’ & Officers’ liability insurance cover is maintained
by the Company on behalf of the Directors. The
Company’s Articles of Association provide an indemnity to
the Directors out of the assets of the Company against
any liability incurred in defending proceedings or in
connection with any application to the Court in which
relief is granted.
The Remuneration Policy was last approved by
shareholders at the AGM on 27 April 2020 and will be
proposed for approval at the AGM to be held on 21 April
2023. The Remuneration Policy is reviewed by the
Remuneration Committee on an annual basis and the
Remuneration Policy applies for the three year period
ending 31 December 2025.
Implementation Report
Directors’ Fees
The Directors’ fee rates applicable for the year ended 31
December 2022 were as follows:
Shareholder
31 December
2022
£
31 December
2021
£
Chairman
48,000 48,000
Chairman of Audit and Risk
Committee
34,000 34,000
Senior Independent Director
32,000 32,000
Director
28,000 28,000
The Remuneration Committee carried out a review of the
level of Directors’ fees during the year encompassing a
review of fees payable to directors of peer group
companies as well as the wider sector. The Committee
concluded that with effect from 1 January 2023 the
annual fees payable to Directors should be: Chairman
£50,000, Audit and Risk Committee Chairman £36,000,
Directors £30,000 with an extra £2,000 (reduced from
£4,000) payable to the Senior Independent Director.
There are no further fees to disclose as the Company has
no employees, Chief Executive or Executive Directors and,
other than for the Audit and Risk Committee, no extra fees
are payable to Committee Chairmen. The Directors’ fees
were last increased in December 2019, with effect from
1 January 2020.
Company Performance
During the year, the Board also carried out a review of
investment performance. The following graph compares
the share price total return (assuming all dividends are
reinvested) to Ordinary shareholders, assuming a notional
investment of £100 into the Company on 31 December
2012, compared with the total shareholder total return on
the Company’s Reference Index.
Please note that past performance is not a guide to future
performance.
£80
£100
£120
£140
£160
£180
£200
£220
£240
£260
£280
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Share Price Reference index
Statement of Voting at General Meeting
At the Company’s last AGM held on 22 April 2022,
shareholders approved the Directors’ Remuneration
Report (other than the Directors’ Remuneration Policy) in
respect of the year ended 31 December 2021 and the
following proxy votes were received on the resolutions:
Resolution
For*
%
Against
%
Withheld
%
(2) Receive and Adopt
Directors’ Remuneration
Report
42.95m
(99.3%)
28,358
(0.07%)
139,588
(3) Approve Directors’
Remuneration Policy**
38.6m
(99.3%)
230,057
(0.6%)
86,458
* Including discretionary votes
** Last voted upon on 27 April 2020
Spend on Pay
As the Company has no employees, the Directors do not
consider that it is relevant to present a table comparing
remuneration paid to employees with distributions to
shareholders. The total fees paid to Directors are
shown overleaf.
Directors’ Remuneration Report
Continued

Murray International Trust PLC 65
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Fees Payable (Audited)
The Directors who served in the year received the
following fees which exclude employers’ National
Insurance:
Director
2022
£
2021
£
D Hardie
A
48,000 38,280
C Binyon
B
34,000 32,117
V Holmes
C
14,700 n/a
A Mackesy
D
32,000 29,570
N Melhuish
E
28,000 18,667
K J Carter
F
- 15,067
M Campbell
F
- 10,672
S Fraser
G
- 22,883
Total
156,700 167,256
A
Mr Hardie became interim Chairman in August 2021 and Chairman in October 2021
B
Ms Binyon was appointed Audit and Risk Committee Chairman in April 2021
C
Ms Holmes was appointed to the Board on 22 June 2022
D
Mrs Mackesy was appointed Senior Independent Director in August 2021
E
Mr Melhuish was appointed to the Board on 1 May 2021
F
Dr Carter and Ms Campbell retired from the Board on 23 April 2021
G
Mr Fraser died on 9 August 2021
Annual Percentage Change in Directors’ Remuneration
The table below sets out the annual percentage change in
Directors’ fees over the last three years.
Director
Year ended
31 December
2022
%
Year ended
31 December
2021
%
Year ended
31 December
2020
%
D Hardie
A
25.4 24.6 18.2
C Binyon
B
5.9 14.7 7.7
V Holmes
C
n/a n/a n/a
A Mackesy
D
8.2 5.6 7.7
N Melhuish
E
50.0 n/a n/a
A
Mr Hardie became interim Chairman in August 2021and Chairman in October 2021
B
Ms Binyon was appointed Audit and Risk Committee Chairman in April 2021
C
Ms Holmes was appointed to the Board on 22 June 2022
D
Mrs Mackesy was appointed Senior Independent Director in August 2021
E
Mr Melhuish was appointed to the Board on 1 May 2021
Fees are pro-rated where a change takes place during a
financial year. There were no payments to third parties
from the fees referred to in the table above.
Directors’ Interests in the Company (Audited)
The Directors are not required to have a shareholding in
the Company. The Directors (including connected
persons) at 31 December 2022 and 31 December 2021
had no interest in the share capital of the Company other
than those interests, all of which are beneficial interests,
shown in the following table.
31 December
2022
Ordinary 25p
31 December
2021
Ordinary 25p
D Hardie
16,173 15,489
C Binyon
1,255 1,213
V Holmes
- n/a
A Mackesy
3,315 975
N Melhuish
3,502 2,563
Subsequent to the period end Ms Holmes acquired 2,000
Ordinary shares on 16 January 2023; Mr Hardie’s
beneficial holding has increased to 16,317 Ordinary shares
with the purchase of 1 share on 23 January 2023 and 143
shares on 20 February 2023 via dividend reinvestment.
With the exception of these further disclosures, the
Directors’ holdings were unchanged at 2 March 2023,
being the nearest practicable date prior to the signing of
this Annual Report.
Annual Statement
On behalf of the Board and in accordance with Part 2 of
Schedule 8 of the Large and Medium-sized Companies
and Groups (Accounts and Reports) (Amendment)
Regulations 2013, I, Alexandra Mackesy, Chairman of the
Remuneration Committee, confirm that the Report on
Remuneration Policy and the Remuneration
Implementation Report summarises, as applicable, for the
year to 31 December 2022:
· the major decisions on Directors’ remuneration;
· any substantial changes relating to Directors’
remuneration made during the year; and
· the context in which the changes occurred and
decisions have been taken.
The Directors’ Remuneration Report was approved by the
Board of Directors on 2 March 2023 and signed on its
behalf by:
Alexandra Mackesy
Remuneration Committee Chairman
2 March 2023

66 Murray International Trust PLC
The Audit and Risk Committee has prepared this report in
compliance with the September 2014 Competition and
Markets Authority Order.
Audit and Risk Committee
As recommended by the AIC Code, an Audit and Risk
Committee has been established with written terms of
reference, copies of which are available upon request
from the Company Secretary and on the Company’s
website. The Audit and Risk Committee comprises the
whole Board (excluding Mr Hardie) and I, Claire Binyon,
am the Chairman. Mr Hardie is not a member of the
Committee, but, as Chairman of the Company, he has a
standing invitation to attend meetings and typically
attends each Audit and Risk Committee as an observer.
The members of the Audit and Risk Committee are each
independent and free from any relationship that would
interfere with our impartial judgement in carrying out our
responsibilities. We have satisfied ourselves that at least
one of the Committee’s members has recent and relevant
financial experience. We met three times during the year.
The terms of reference of the Audit and Risk Committee
are reviewed and re-assessed for their adequacy on an
annual basis. In accordance with those terms of
reference:
· we review and monitor the internal control systems and
risk management systems including review of non
financial risks and the Manager’s policy on information
security (cyber risk) on which the Company is reliant.
The Directors’ statement on the Company’s internal
controls and risk management is set out in the
Directors’ Report;
· we consider whether there is a need for the Company
to have its own internal audit function (refer to
Directors’ Report);
· we monitor the integrity of the half yearly and annual
financial statements of the Company by reviewing, and
challenging where necessary, the actions and
judgements of the Manager;
· we review, and report to the Board on, the significant
financial reporting issues and judgements made in
connection with the preparation of the Company’s
financial statements, interim reports, announcements
and related formal statements;
· we review the content of the Annual Report and
financial statements and make recommendations to
the Board on whether, taken as a whole, it is fair,
balanced and understandable and provides the
information necessary for shareholders to assess the
Company’s position and performance, business model
and strategy;
· we meet with the auditor to review the proposed audit
programme of work and the findings of the auditor. The
Directors also use this as an opportunity to assess the
effectiveness of the audit process;
· we also meet in private with the auditor, without any
representatives of the Manager being present, and we
meet in private with a representative from the
Manager’s internal audit department;
· we develop and implement the policy on the
engagement of the auditor to supply non-audit services.
There were non-audit fees of £3,500 (2021: £3,500) paid
to the auditor during the year under review in
connection with assurance work conducted on the Half
Yearly Report;
· we review a statement from the Manager detailing the
arrangements in place within the abrdn Group whereby
staff may, in confidence, escalate concerns about
possible improprieties in matters of financial reporting or
other matters;
· we make recommendations in relation to the
appointment of the auditor and to approve the
remuneration and terms of engagement of the auditor;
and
· we monitor and review the auditor’s independence,
objectivity, effectiveness, resources and qualification.
Details of attendance at the Audit and Risk Committee
meetings are shown in the Directors’ Report.
The Board has received a report from BDO, its auditor,
which notes that BDO has policies and procedures in
place that instil professional values as part of its firm’s
culture and ensure that the highest standards of
objectivity and independence and integrity are
maintained.
The Company’s policy on non-audit services is to ensure
that best value for the Company is achieved whilst
ensuring compliance with regulations that are in place to
maintain the independence of the auditor.
Report of Audit and Risk Committee

Murray International Trust PLC 67
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The extent of on-audit services that can be provided by
BDO is very limited. The Audit and Risk Committee has
reviewed and approved the level of non-audit services
provided by the independent auditor during the year,
together with the independent auditor’s procedures in
connection with the provision of such services, and
remains satisfied that the auditor’s objectivity and
independence is being safeguarded. The level of non-
audit fees payable by the Company is not material in any
way for BDO and the Audit and Risk Committee confirms
its belief that BDO is independent in accordance with
applicable ethical standards. Since its appointment, BDO
has not provided any significant non-audit services to the
Company. Deloitte and PwC provide ongoing local tax
compliance services to the Company.
Significant Matters
During our review of the Company’s financial statements
for the year ended 31 December 2022, we considered the
following significant matters:
Valuation and Ownership of Investments
Mitigation – The Board reviews monthly management
accounts that include a full breakdown of the portfolio
valuation. The valuation of investments is undertaken in
accordance with the accounting policies, disclosed in
notes 2(e) and 10 to the financial statements on pages 83
and 89. All investments are quoted and can be verified
against daily market prices. 93.1% (2021: 91.5%) of
investments are considered to be liquid and are therefore
categorised as Level 1 in accordance with the FRS 102 fair
value hierarchy. 6.9% (2021: 8.5%) of investments are
considered to be subject to some risk of illiquidity and are
therefore categorised as Level 2 within the FRS 102 fair
value hierarchy. The portfolio is reviewed and verified by
the Manager on a regular basis and management
accounts including a full portfolio listing are prepared
each month and circulated to the Board. BNY Mellon has
been appointed as custodian and depositary to safeguard
the assets of the Company. The depositary checks the
consistency and accuracy of its records on a monthly
basis and reports its findings to aFML. Separately, the
investment portfolio is reconciled regularly by
the Manager.
Correct Calculation of Management Fees
Mitigation - The management fees are calculated by the
Manager and reviewed annually by the Audit and Risk
Committee and auditor.
Revenue Recognition
Mitigation - The recognition of investment income is
undertaken in accordance with accounting policy 2(b)
and note 3 to the financial statements on pages 82 and 85.
Special dividends are allocated to the capital or revenue
accounts according to the nature of the payment and the
intention of the underlying company. The Manager
provides monthly internal control reports to the Board
which are reviewed together with monthly revenue
forecasts and dividend schedules.
Review of Auditor
We have reviewed the work undertaken by BDO, which is
in its third year following original appointment at the AGM
on 27 April 2020, and are satisfied with the effectiveness of
the auditor. The areas of focus included:
· independence - the auditor discusses with the Audit and
Risk Committee, at least annually, the steps it takes to
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 and
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 Board, the
Committee and the Manager; and
· 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 company sector
and retention or rotation of the partner.
BDO is in its third year as auditor to the Company and in
accordance with present professional guidelines the
Senior Statutory Auditor will be rotated after no more than
five years and the year ended 31 December 2022 will be
the third year for which the present Senior Statutory
Auditor will serve. The Committee considers BDO, the
Company’s auditor, to be independent of the Company.
For and on behalf of the Audit and Risk Committee
Claire Binyon,
Audit and Risk Committee Chairman
2 March 2023

68 Murray International Trust PLC
Directors’ Responsibilities
The Directors are responsible for preparing the Annual
Report and the financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice,
the requirements of the Companies Act 2006 and
applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the
Directors have elected to prepare the financial
statements in accordance with United Kingdom Generally
Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law) including FRS
102 ‘The Financial Reporting Standard applicable in the UK
and Republic of Ireland’. Under company law the Directors
must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the Company and of the profit or loss for the
Company for that period.
In preparing these financial statements, the Directors are
required to:
· select suitable accounting policies and then apply
them consistently;
· make judgements and accounting estimates that are
reasonable and prudent;
· state whether applicable UK Accounting Standards
have been followed, subject to any material departures
disclosed and explained in the financial statements;
· prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
company will continue in business; and
· prepare a director’s report, a strategic report and
director’s remuneration report which comply with the
requirements of the Companies Act 2006.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the Company’s transactions and 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 are also responsible for safeguarding the assets of
the Company and hence for taking reasonable steps for
the prevention and detection of fraud and other
irregularities. In accordance with their responsibilities, the
Directors confirm that, to the best of their knowledge, the
Annual Report and financial statements, taken as a whole,
is fair, balanced, and understandable and provides the
information necessary for shareholders to assess the
position, performance, business model and strategy.
Website Publication
The Directors are responsible for ensuring the Annual
Report and the financial statements are made available
on a website. Financial statements are published on
murray-intl.co.uk, the Company’s website, in accordance
with legislation in the United Kingdom governing the
preparation and dissemination of financial statements,
which may vary from legislation in other jurisdictions. The
maintenance and integrity of the Company's website is
the responsibility of the Directors. The Directors'
responsibility also extends to the ongoing integrity of the
financial statements contained therein.
Directors’ Responsibilities Pursuant to DTR4
The Directors confirm to the best of their knowledge:
· The financial statements have been prepared in
accordance with the applicable accounting standards
and give a true and fair view of the assets, liabilities,
financial position and profit of the Company; and
· The Annual Report includes a fair review of the
development and performance of the business and the
financial position of the company, together with a
description of the principal risks and uncertainties that
they face.
For Murray International Trust PLC
David Hardie
Chairman
2 March 2023
Statement of Directors’ Responsibilities

Murray International Trust PLC 69
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Opinion on the financial statements
In our opinion the financial statements:
· give a true and fair view of the state of the Company’s affairs as at 31 December 2022 and of its profit for the year
then ended;
· have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
· have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Murray International Trust PLC (the ‘Company’) for the year ended 31
December 2022 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the
Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a
summary of significant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law and 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).
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 believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion. Our audit opinion is consistent with the additional report to the Audit and
Risk Committee.
Independence
Following the recommendation of the Audit and Risk Committee, we were appointed by the Board of Directors on 27
April 2020 to audit the financial statements for the year ended 31 December 2020 and subsequent financial periods. The
period of total uninterrupted engagement including retenders and reappointments is 3 years, covering the years ended
31 December 2020 to 31 December 2022. We remain 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 FRC’s Ethical Standard as
applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. The non-audit services prohibited by that standard were not provided to the Company.
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:
· Evaluating the appropriateness of the Directors’ method of assessing the going concern assumption in light of market
volatility and the present uncertainty in economic recovery;
· Assessing the liquidity position available to meet future obligations and operating expenses for the next twelve months;
· Reviewing the Directors’ assessment, corroborating inputs used in the assessment to supporting documentation;
· Challenging Directors’ assumptions and judgements made by performing an independent analysis of the liquidity of
the portfolio; and
· Reviewing the loan agreements to identify the covenants and assessing the likelihood of them being breached based
on the Directors’ forecasts and our sensitivity analyses.
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.
Independent Auditor’s Report to the Members of
Murray International Trust PLC

70 Murray International Trust PLC
In relation to the Company’s reporting on how it 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.
Overview
Key audit matters
2022 2021
Revenue recognition  
Valuation and ownership of investments  
Materiality Company financial statements as a whole:
£16.2m (2021: £15.6m) based on 1% (2021: 1%) of Net Assets
An overview of the scope of our audit
Our audit was scoped by obtaining an understanding of the Company and its environment, including the Company’s
system of internal control, and assessing the risks of material misstatement in the financial statements. We also
addressed the risk of management override of internal controls, including assessing whether there was evidence of bias
by the Directors that may have represented a risk of material misstatement.
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, including 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.
Independent Auditor’s Report to the Members of
Murray International Trust PLC
Continued

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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Key audit matter
How the scope of our audit addressed
the key audit matter
Revenue
recognition
(Note 2(b) and 3 to
the financial
statements)
Revenue is a key indicator of performance of the
Company, as such there may be an incentive to
recognise income as revenue where it is more
appropriately of a capital nature. Judgement may
be required by management in determining the
allocation of dividend income to revenue or capital
for certain corporate actions or special dividends.
For this reason we considered revenue recognition
to be a key audit matter.
We assessed the treatment of dividend income from
corporate actions and special dividends and
challenged if these had been appropriately
accounted for as income or capital by reviewing the
underlying reason for issue of the dividend and
whether it could be driven by a capital event.
We analysed the whole population of dividend
receipts to identify items that could indicate a capital
distribution, for example where a dividend
represents a particularly high yield. In these
instances we performed a combination of inquiry
with management and our own independent
research, including inspection of financial
statements of investee companies, to ascertain
whether the underlying event was indeed of a
capital nature.
Key observations:
Based on our procedures performed we found the
presentation and allocation of revenue to be
appropriate.
Valuation and
ownership of
investments
(Note 2(e) and 10
to the financial
statements)
The investment portfolio at the year end comprised
of listed equity and fixed income investments held
at fair value through profit or loss.
We considered the valuation and ownership of
investments to be a significant audit area as
investments represent the most significant balance
in the financial statements and underpins the
principal activity of the entity.
There is a risk that the bid price used as a proxy for
fair value of investments held at the reporting date
is inappropriate. Given the nature of the portfolio is
such that it comprises solely of listed level 1 and 2
investments, we do not consider the use of bid price
to be subject to significant estimation uncertainty.
There is also a risk of error in the recording of
investment holdings such that those recording do
not appropriate reflect the property of the
Company.
For these reasons and the materiality to the
financial statements as a whole, they are
considered to be a key area of our overall audit
strategy and allocation of our resources and hence
a Key Audit Matter.
We responded to this matter by testing the valuation
and ownership of the whole portfolio of quoted
investments. We performed the following
procedures:
· Confirmed the year end bid price was used by
agreeing to externally quoted prices;
· Assessing if there were contra indicators, such as
liquidity considerations, to suggest bid price is not
the most appropriate indication of fair value by
considering the realisation period for individual
holdings;
· Recalculating the valuation by multiplying the
number of shares held per the statement obtained
from the custodian by the valuation per share; and
· Obtained direct confirmation of the number of
shares held per equity investment from the
custodian regarding all investments held at the
year end
.
Key observations:
Based on our procedures performed we did not
identify any matters to suggest the valuation or
ownership of listed equity and fixed income
investments was not appropriate.

72 Murray International Trust PLC
Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of
misstatements. We consider materiality to be the magnitude by which misstatements, including omissions, could
influence the economic decisions of reasonable users that are taken on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a
lower materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements
below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified
misstatements, and the particular circumstances of their occurrence, when evaluating their effect on the financial
statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole and
performance materiality as follows:
Company financial statements
2022
£m
2021
£m
Materiality 16.2 15.6
Basis for determining
materiality
1% of Net Assets 1% of Net Assets
Rationale for the benchmark
applied
As an investment trust, the net asset value is the key measure of performance for users
of the financial statements.
Performance materiality 12.2 11.7
Basis for determining
performance materiality
75% of materiality based on our risk assessment and consideration of the control
environment.
We also considered the history of misstatements based on our knowledge obtained in
the previous year, aggregation effect of planned nature of testing and the overall size
complexity of the entity.
Specific materiality
We also determined that for items impacting revenue return, a misstatement of less than materiality for the financial
statements as a whole, specific materiality, could influence the economic decisions of users. As a result, we determined
materiality for these items based on revenue return before tax to be £4,200,000 (2021: £3,680,000). Specific materiality
was determined using 5% (2021: 5%) of revenue return before tax. We further applied a performance materiality level of
75% (2021: 75%) of specific materiality to ensure that the risk of errors exceeding specific materiality was appropriately
mitigated.
Reporting threshold
We agreed with the Audit and Risk Committee that we would report to them all individual audit differences in excess of
£210,000 (2021: £184,000). We also agreed to report differences below this threshold that, in our view, warranted
reporting on qualitative grounds.
Independent Auditor’s Report to the Members of
Murray International Trust PLC
Continued

Murray International Trust PLC 73
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Other information
The Directors are responsible for the other information. The other information comprises the information included in the
Annual Report other than the financial statements and our auditor’s report thereon. 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 that fact.
We have nothing to report in this regard.
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 or our knowledge obtained
during the audit.
Going concern and
longer-term viability
· The Directors' statement with regards to the appropriateness of adopting the going
concern basis of accounting and any material uncertainties identified; and
· The Directors’ explanation as to their assessment of the Group’s prospects, the period
this assessment covers and why the period is appropriate
Other Code provisions · Directors' statement on fair, balanced and understandable;
· Board’s confirmation that it has carried out a robust assessment of the emerging and
principal risks;
· The section of the annual report that describes the review of effectiveness of risk
management and internal control systems set out on pages 35, 36 and 58; and
· The section describing the work of the Audit and Risk Committee set out on page 66.
Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the audit, we are required by
the Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below.
Strategic report and
Directors’ report
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
· 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 material misstatements in the
strategic report or the Directors’ report.

74 Murray International Trust PLC
Directors’ remuneration In our opinion, the part of the Directors’ remuneration report to be audited has been
properly prepared in accordance with the Companies Act 2006.
Matters on which we are
required to report by
exception
We have nothing to report in respect of the following matters in relation to which the
Companies Act 2006 requires us to report to you if, in our opinion:
· 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 and the part of the Directors’ remuneration report to be audited
are not in agreement with the accounting records and returns; or
· certain disclosures of Directors’ remuneration specified by law are not made; or
· we have not received all the information and explanations we require for our audit.
Responsibilities of 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.
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.
Extent to which the audit was 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:
We gained an understanding of the legal and regulatory framework applicable to the Company and industry in which it
operates and considered the risk of acts by the Company which were contrary to applicable laws and regulations,
including fraud. We considered the significant laws and regulations to be the Companies Act 2006, the UK Listing Rules,
the DTR rules, the principles of the UK Corporate Governance Code, industry practice represented by the AIC SORP and
FRS102. We also considered the Company’s qualification as an Investment Trust under UK tax legislation.
Independent Auditor’s Report to the Members of
Murray International Trust PLC
Continued

Murray International Trust PLC 75
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
We focused on laws and regulations that could give rise to a material misstatement in the Company financial
statements. Our tests included, but were not limited to:
· agreement of the financial statement disclosures to underlying supporting documentation;
· enquiries of management and those charged with governance relating to the existence of any non-compliance with
laws and regulations;
· review of minutes of board and Audit and Risk Committee meetings throughout the period;
· obtaining an understanding of the control environment in monitoring compliance with laws and regulations; and
· reviewing the calculation in relation to Investment Trust compliance to check that the Company was meeting its
requirements to retain their Investment Trust Status.
We assessed the susceptibility of the financial statement to material misstatement including fraud and considered the
fraud risk areas to be management override of controls.
Our tests included, but were not limited to:
· The procedures set out in the Key Audit Matters section above;
· Recalculating investment management fees in total;
· Obtaining independent confirmation of bank balances; and
· Testing journals which met a defined risk criteria by agreeing to supporting documentation and evaluating whether
there was evidence of bias by the Investment Manager and Directors that represented a risk of material misstatement
due to fraud.
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.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or
through collusion. There are inherent limitations in the audit procedures performed and the further removed non-
compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less
likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
Peter Smith (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London, UK
2 March 2023
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

76 Murray International Trust PLC
Financial
Statements

Murray International Trust PLC 77
For the year to 31 December 2022
the Company’s Revenue Return per
Ordinary share increased to 60.1p
(2021: 51.7p) and the Company
proposes to pay a total dividend
amounting to 56.0p (2021: 55.0p)

78 Murray International Trust PLC
Year ended 31 December 2022 Year ended 31 December 2021
Revenue Capital Total Revenue Capital Total
Notes £’000 £’000 £’000 £’000 £’000 £’000
Gains on investments
10 - 66,401 66,401 - 139,637 139,637
Income
3 88,745 - 88,745 78,737 - 78,737
Investment management fees
4 (2,024) (4,724) (6,748) (2,086) (4,867) (6,953)
Currency gains/(losses)
- 84 84 - (745) (745)
Administrative expenses
5 (1,651) - (1,651) (1,752) - (1,752)
Net return before finance costs and taxation
85,070 61,761 146,831 74,899 134,025 208,924
Finance costs
6 (1,409) (3,286) (4,695) (1,216) (2,838) (4,054)
Return before taxation
83,661 58,475 142,136 73,683 131,187 204,870
Taxation
7 (8,405) 990 (7,415) (7,554) 798 (6,756)
Return attributable to equity shareholders
75,256 59,465 134,721 66,129 131,985 198,114
Return per Ordinary share (pence)
9 60.1 47.4 107.5 51.7 103.1 154.8
The “Total” column of this statement represents the profit and loss account of the Company. There is no other comprehensive income
and therefore the return after taxation is also the total comprehensive income for the year. The ‘Revenue’ and ‘Capital’ columns
represent supplementary information prepared under guidance issued by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
The accompanying notes are an integral part of these financial statements.
Statement of Comprehensive Income

Murray International Trust PLC 79
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
As at As at
31 December 2022 31 December 2021
Notes £’000 £’000
Non-current assets
Investments at fair value through profit or loss 10 1,784,820 1,739,312
Current assets
Prepayments and accrued income 11 7,195 8,475
Other debtors 11 9,306 6,902
Cash and short-term deposits 18,131 8,705
34,632 24,082
Creditors: amounts falling due within one year
Bank loans 12,13 (59,989) (59,975)
Other creditors 12 (2,836) (2,514)
(62,825) (62,489)
Net current liabilities (28,193) (38,407)
Total assets less current liabilities 1,756,627 1,700,905
Creditors: amounts falling due after more than one year
Bank loans 12,13 (29,982) (89,930)
Loan Notes 12,13 (109,895) (49,909)
Net assets 1,616,750 1,561,066
Capital and reserves
Called-up share capital 14 32,353 32,353
Share premium account 362,967 362,967
Capital redemption reserve 8,230 8,230
Capital reserve 15 1,143,961 1,094,549
Revenue reserve 69,239 62,967
Equity shareholders’ funds 1,616,750 1,561,066
Net asset value per Ordinary share (pence) 16 1,293.3 1,240.3
The financial statements were approved and authorised for issue by the Board of Directors on 2 March 2023 and were signed on its
behalf by:
David Hardie
Director
The accompanying notes are an integral part of these financial statements.
Statement of Financial Position

80 Murray International Trust PLC
For the year ended 31 December 2022
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
Notes £’000 £’000 £’000 £’000 £’000 £’000
Balance at 31 December 2021
32,353 362,967 8,230 1,094,549 62,967 1,561,066
Return after taxation
– – – 59,465 75,256 134,721
Dividends paid
8 – – – – (68,984) (68,984)
Buy back of shares to Treasury
14 – – – (10,053) – (10,053)
Balance at 31 December 2022
32,353 362,967 8,230 1,143,961 69,239 1,616,750
For the year ended 31 December 2021
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
£’000 £’000 £’000 £’000 £’000 £’000
Balance at 31 December 2020
32,353 362,967 8,230 991,513 66,764 1,461,827
Return after taxation
– – – 131,985 66,129 198,114
Dividends paid
8 – – – – (69,926) (69,926)
Buy back of shares to Treasury
14 – – – (28,949) – (28,949)
Balance at 31 December 2021
32,353 362,967 8,230 1,094,549 62,967 1,561,066
The accompanying notes are an integral part of these financial statements.
Statement of Chan
g
es in Equity

Murray International Trust PLC 81
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Year ended Year ended
31 December 2022 31 December 2021
Notes £’000 £’000
Net return before finance costs and taxation
146,831 208,924
Increase/(decrease) in accrued expenses
265 (8)
Overseas withholding tax
(9,945) (9,123)
Decrease in accrued income
1,401 706
Interest paid
(4,562) (3,818)
Gains on investments
(66,401) (139,637)
Currency (gains)/losses
(84) 745
(Increase)/decrease in other debtors
(29) 22
Corporation tax received
– 321
Net cash inflow from operating activities
67,476 58,132
Investing activities
Purchases of investments
(187,490) (177,090)
Sales of investments
208,417 224,171
Net cash from investing activities
20,927 47,081
Financing activities
Equity dividends paid
8 (68,984) (69,926)
Ordinary shares bought back to Treasury
14 (10,053) (28,949)
Issue of Loan Notes
59,976 49,904
Loan repayment
(60,000) (50,000)
Net cash used in financing activities
(79,061) (98,971)
Increase in cash
9,342 6,242
Analysis of changes in cash during the year
Opening balance
8,705 3,208
Effect of exchange rate fluctuations on cash held
84 (745)
Increase in cash as above
9,342 6,242
Closing balances
18,131 8,705
The accompanying notes are an integral part of these financial statements.
Statement of Cash Flows

82 Murray International Trust PLC
1. Principal activity
The Company is a closed-end investment company, registered in Scotland No SC006705, with its Ordinary shares being listed
on the London Stock Exchange.
2. Accounting policies
(a) Basis of preparation. The financial statements have been prepared in accordance with Financial Reporting Standard 102
and with the AIC’s Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and
Venture Capital Trusts’ (“AIC SORP”) issued in July 2022. The financial 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 Directors have undertaken a robust review of the Company’s viability (refer to statement on page 37) and ability to
continue as a going concern. The Company’s assets consist of a diverse portfolio of listed equity shares and bonds. The
equities and a majority of the bond portfolio are, in most circumstances, realisable within a very short timescale.
The Company has a £60 million loan facility which is due to mature in May 2023. The Directors are currently reviewing
options to replace the facility including the use of the Loan Note Shelf Facility. Should the Board decide not to replace the
facility any maturing debt would be repaid through the proceeds of equity and/or bond sales.
The Directors are mindful of the principal risks and uncertainties disclosed on pages 35 and 36 including the continuing
global economic disruption caused by the uncertainty from the Russian invasion of Ukraine and have reviewed forecasts
detailing revenue and liabilities. Notwithstanding the continuing uncertain economic environment, the Directors believe
that the Company has adequate financial resources to continue its operational existence for the foreseeable future and
at least 12 months from the date of this Annual Report. Accordingly, the Directors continue to adopt the going concern
basis in preparing these financial statements.
Significant accounting judgements, estimates and assumptions. 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 and are continually evaluated. The areas requiring most
significant judgement and assumption in the financial statements are: the determination of the fair value hierarchy
classification of quoted preference shares and bonds which have been assessed as being Level 2 as they are not
considered to trade in active markets; and also the determination of whether special dividends received are considered
to be revenue or capital in nature on a case by case basis. The Directors do not consider there to be any significant
estimates within the financial statements.
(b) Income. Dividends receivable on equity shares are treated as revenue for the year on an ex-dividend basis. Where no ex-
dividend date is available dividends are recognised on their due date. Provision is made for any dividends not expected
to be received. Special dividends are credited to capital or revenue, according to their circumstances.
In some jurisdictions, investment income and capital gains are subject to withholding tax deducted at the source of the
income. The Company presents the withholding tax separately from the gross investment income in the Statement of
Comprehensive Income under taxation.
The fixed returns on debt securities are recognised on a time apportionment basis so as to reflect the effective yield on
the debt securities.
Interest receivable from cash and short-term deposits is accrued to the end of the year.
Notes to the Financial Statements
For the year ended 31 December 2022

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(c) Expenses. All expenses are accounted for on an accruals basis and are charged to the Statement of Comprehensive
Income. Expenses are charged against revenue except as follows:
– transaction costs on the acquisition or disposal of investments are charged against capital in the Statement of
Comprehensive Income; and
– expenses are treated as a capital item in the Statement of Comprehensive Income and ultimately recognised in the
capital reserve where a connection with the maintenance or enhancement of the value of the investments can be
demonstrated. In this respect the investment management fee has been allocated 30% to revenue and 70% to the
capital reserve to reflect the Company’s investment policy and prospective income and capital growth.
(d) Taxation. The tax expense represents the sum of tax currently payable and deferred tax. Any tax payable is based on
the taxable profit for the year. Taxable profit differs from net return as reported in the Statement of Comprehensive
Income because it excludes items of income or expense that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates
that were applicable at the Statement of Financial Position date.
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the
Statement of Financial Position date, where transactions or events that result in an obligation to pay more tax in the
future or right to pay less tax in the future have occurred at the Statement of Financial Position date. This is subject to
deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from
which the future reversal of the underlying timing differences can be deducted. Timing differences are differences
arising between the Company’s taxable profits and its results as stated in the financial statements which are capable of
reversal in one or more subsequent periods. Deferred tax is measured on a non-discounted basis at the tax rates that
are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws
enacted or substantively enacted at the Statement of Financial Position date.
Due to the Company’s status as an investment trust company 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.
The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue within
the Statement of Comprehensive Income on the same basis as the particular item to which it relates using the
Company’s effective rate of tax for the year, based on the marginal basis.
(e) Investments. The Company has chosen to apply the recognition and measurement provisions of IAS 39 Financial
Instruments: Recognition and Measurement and investments have been designated upon initial recognition at fair value
through profit or loss. This is done because all investments are considered to form part of a group of financial assets
which is evaluated on a fair value basis, in accordance with the Company’s documented investment strategy, and
information about the grouping is provided internally on that basis.
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 at fair value. For listed
investments, the valuation of investments at the year end is deemed to be bid market prices or closing prices on
recognised stock exchanges.
Gains and losses arising from changes in fair value are treated in net profit or loss for the period as a capital item in the
Statement of Comprehensive Income and are ultimately recognised in the capital reserve.

84 Murray International Trust PLC
(f) Cash and cash equivalents. Cash comprises cash in hand and demand deposits. Cash equivalents includes short-term,
highly liquid investments, that are readily convertible to known amounts of cash and that are subject to an insignificant
risk of change in value.
(g) Short-term debtors and creditors. Both short-term debtors and creditors are measured at amortised cost and not
subject to interest charges.
(h) Borrowings. Borrowings, which comprise interest bearing bank loans and unsecured loan notes are recognised 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 accruals basis using the
effective interest rate method and are charged 30% to revenue and 70% to capital in the Statement of Comprehensive
Income to reflect the Company’s investment policy and prospective income and capital growth.
(i) 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. This reserve is not distributable.
Share premium account. The balance classified as share premium includes the premium above nominal value from the
proceeds on issue of any equity share capital comprising Ordinary shares of 25p and the proceeds of sales of shares
held in Treasury in excess of the weighted average purchase price paid by the Company to repurchase the shares. This
reserve is not distributable.
Capital redemption reserve. The capital redemption reserve arose when Ordinary shares were cancelled, at which point
an amount equal to the par value of the Ordinary share capital was transferred from the share capital account to the
capital redemption reserve. This reserve is not distributable.
Capital reserve. This reserve reflects any gains or losses on investments realised in the period along with any movement
in the fair value of investments held that have been recognised in the Statement of Comprehensive Income. These
include gains and losses from foreign currency exchange differences. Additionally, expenses, including finance costs, are
charged to this reserve in accordance with (c) and (h) above. This reserve is distributable for the purpose of funding
share buybacks and paying dividends to the extent that gains are deemed realised.
When the Company purchases its Ordinary shares to be held in Treasury, the amount of the consideration paid, which
includes directly attributable costs, is recognised as a deduction from the capital reserve.
Revenue reserve. This reserve reflects all income and costs which are recognised in the revenue column of the
Statement of Comprehensive Income. The revenue reserve represents the amount of the Company’s reserves
distributable by way of dividend.
(j) Foreign currency. Assets and liabilities in foreign currencies are translated at the rates of exchange ruling on the
Statement of Financial Position date. Transactions involving foreign currencies are converted at the rate ruling on the
date of the transaction. Gains and losses on dividends receivable are recognised in the Statement of Comprehensive
Income and are reflected in the revenue reserve. Gains and losses on the realisation of foreign currencies are
recognised in the Statement of Comprehensive Income and are then transferred to the capital reserve.
(k) Segmental reporting. The Directors are of the opinion that the Company is engaged in a single segment of business
activity, being investment business. Consequently, no business segmental analysis is provided.
(l) Dividends payable. 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.
Notes to the Financial Statements
Continued

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3. Income
2022 2021
£’000 £’000
Income from investments (all listed)
UK dividend income
10,607 8,547
Overseas dividends
66,536 58,240
Overseas interest
11,417 11,945
88,560 78,732
Other income
Deposit interest
49 1
Stock lending income
136 -
Interest on corporation tax reclaim
- 4
Total income
88,745 78,737
4. Investment management fees
2022 2021
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Investment management fees
2,024 4,724 6,748 2,086 4,867 6,953
The Company has an agreement with abrdn Fund Managers Limited (“aFML”) for the provision of investment management,
secretarial, accounting and administration and promotional activity services.
With effect from 1 January 2022, the management fee has been charged on net assets (i.e. excluding borrowings for
investment purposes) averaged over the six previous quarters at a rate of 0.5% per annum up to £500 million and 0.4% per
annum thereafter. Prior to this, the management fee has been charged on net assets (i.e. excluding borrowings for investment
purposes) averaged over the six previous quarters at a rate of 0.5% per annum up to £1,200 million and 0.425% per annum
thereafter. A fee of 1.5% per annum is chargeable on the value of any unlisted investments. The investment management fee
is chargeable 30% against revenue and 70% against realised capital reserves. During the year £6,748,000 (2021 – £6,953,000)
of investment management fees was payable to the Manager, with a balance of £1,704,000 (2021 – £1,797,000) being due at
the year end.
No fees are charged in the case of investments managed or advised by the abrdn Group. The management agreement may
be terminated by either party on the expiry of six months’ written notice. On termination the Manager is entitled to receive fees
which would otherwise have been due up to that date.

86 Murray International Trust PLC
5. Administrative expenses
2022 2021
£’000 £’000
Promotional activities
A
400 400
Registrars’ fees
147 133
Directors’ remuneration
157 167
Bank charges and custody fees
411 606
Depositary fees
157 149
Stock exchange fees
97 86
Printing and postage
59 60
Irrecoverable VAT
– 14
Auditor’s fees for:
– Statutory Audit
44 32
– Other assurance services
3 3
Other expenses
176 102
1,651 1,752
A
In 2022 £400,000 (2021 – £400,000) was payable to aFML to cover promotional activities during the year. At the year end £100,000 (2021 – £100,000) was due to aFML.
6. Finance costs
2022 2021
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Bank loans and overdraft interest
815 1,901 2,716 1,002 2,339 3,341
Loan Notes
594 1,385 1,979 214 499 713
1,409 3,286 4,695 1,216 2,838 4,054
Notes to the Financial Statements
Continued

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7. Taxation
2022 2021
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
(a) Total tax charge
Analysis for the year
Current UK tax
195 – 195 163 – 163
Double taxation relief
(195) – (195) (163) – (163)
Tax relief to capital
1,082 (1,082) – 920 (920) –
Irrecoverable overseas tax suffered
10,605 92 10,697 9,081 122 9,203
Overseas tax reclaimable
(3,282) – (3,282) (2,447) – (2,447)
Total tax charge for the year
8,405 (990) 7,415 7,554 (798) 6,756
(b) Factors affecting the tax charge for the year. The UK corporation tax rate is 19% (2021 – 19%). The tax assessed for the
year is lower than the corporation tax rate. The differences are explained below:
2022 2021
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Return before taxation
83,661 58,475 142,136 73,683 131,187 204,870
Return multiplied by the effective standard
rate of corporation tax of 19% (2021 – 19%)
15,896 11,110 27,006 14,000 24,925 38,925
Effects of:
Non taxable UK dividend income
(2,015) – (2,015) (1,624) – (1,624)
Gains on investments not taxable
– (12,616) (12,616) – (26,531) (26,531)
Currency (gains)/losses not taxable
– (16) (16) – 142 142
Non taxable overseas dividends
(12,164) – (12,164) (10,750) – (10,750)
Irrecoverable overseas tax suffered
10,605 92 10,697 9,081 122 9,203
Overseas tax reclaimable
(3,282) – (3,282) (2,447) – (2,447)
Double taxation relief
(195) – (195) (163) – (163)
Marginal tax relief
(440) 440 – (544) 544 –
Expenses not deductible for tax purposes
– – – 1 – 1
Total tax charge for the year
8,405 (990) 7,415 7,554 (798) 6,756

88 Murray International Trust PLC
The Company has not provided for deferred tax on chargeable gains or losses arising on the revaluation or disposal of
investments as it is exempt from corporation tax on these items because of its status as an investment trust company.
The Company has not recognised a deferred tax asset (2021 – same) arising as a result of there being no excess
management expense to be utilised in future periods.
With effect from 1 April 2023 the standard rate of UK corporation tax will change from 19% to 25%.
8. Ordinary dividends on equity shares
2022 2021
£’000 £’000
Amounts recognised as distributions paid during the year:
Third interim for 2021 of 12.0p (2020 – 12.0p)
15,103 15,413
Final dividend for 2021 of 19.0p (2020 – 18.5p)
23,813 23,748
First interim for 2022 of 12.0p (2021 – 12.0p)
15,040 15,404
Second interim for 2022 of 12.0p (2021 – 12.0p)
15,028 15,361
68,984 69,926
A third interim dividend was declared on 2 December 2022 with an ex date of 5 January 2023. This dividend of 12.0p was paid
on 17 February 2023 and has not been included as a liability in these financial statements. The proposed final dividend for 2022
is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial
statements.
Set out below are the total dividends paid and proposed in respect of the financial year, which is the basis on which the
requirements of Sections 1158–1159 of the Corporation Tax Act 2010 are considered. The revenue available for distribution by
way of dividend for the year is £75,256,000 (2021 – £66,129,000).
2022 2021
£’000 £’000
Three interim dividends for 2022 of 12.0p (2021 – 12.0p)
45,070 45,868
Proposed final dividend for 2022 of 20.0p (2021 – final dividend of 19.0p)
25,003 23,813
70,073 69,681
The amount reflected above for the cost of the proposed final dividend for 2022 is based on 125,012,893 Ordinary shares,
being the number of Ordinary shares in issue excluding those held in Treasury at the date of this Report.
Notes to the Financial Statements
Continued

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9. Return per Ordinary share
2022 2021
£’000 p £’000 p
Returns are based on the following figures:
Revenue return
75,256 60.1 66,129 51.7
Capital return
59,465 47.4 131,985 103.1
Total return
134,721 107.5 198,114 154.8
Weighted average number of Ordinary shares
125,306,203 127,971,051
10. Investments at fair value through profit or loss
2022 2021
£’000 £’000
Opening book cost
1,330,337 1,324,155
Opening investment holdings gains
408,975 322,250
Opening fair value
1,739,312 1,646,405
Analysis of transactions made during the year
Purchases at cost
187,490 177,090
Sales proceeds received
(208,590) (224,171)
Gains on investments
66,401 139,637
Accretion of fixed income book cost
207 351
Closing fair value
1,784,820 1,739,312
Closing book cost
1,363,483 1,330,337
Closing investment gains
421,337 408,975
Closing fair value
1,784,820 1,739,312
The Company received £208,590,000 (2021 – £224,171,000) from investments sold in the period. The book cost of these
investments when they were purchased was £154,551,000 (2021 – £171,259,000). 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.

90 Murray International Trust PLC
2022 2021
The portfolio valuation
£’000 £’000
Listed on stock exchanges:
United Kingdom:
– equities
100,405 85,872
– preference shares
6,269 7,637
Overseas:
– equities
1,560,727 1,504,961
– fixed income
117,419 140,842
Total
1,784,820 1,739,312
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:
2022 2021
£’000 £’000
Purchases
199 322
Sales
198 185
397 507
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.
2022 2021
Stock Lending
£’000 £’000
Aggregate value of securities on loan at the year end
– N/A
Maximum aggregate value of securities on loan during the year
81,723 N/A
Fee income from stock lending
136 N/A
During the year to 31 December 2022, the Company commenced stock lending. Stock lending is the temporary transfer of
securities by a lender to a borrower, with an agreement by the borrower to return equivalent securities to the lender at an
agreed date. Fee income is received for making the investments available to the borrower. The principal risks and rewards of
holding the investments, namely the market movements in share prices and dividend income, are retained by the Company.
In all cases the securities lent continue to be recognised on the Statement of Financial Position.
All stocks lent under these arrangements are fully secured by collateral. The value of the collateral held at 31 December 2022
was £nil.
Notes to the Financial Statements
Continued

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11. Debtors: amounts falling due within one year
2022 2021
£’000 £’000
Amounts due from brokers
173 –
Corporation tax refund
136 136
Overseas withholding tax
8,965 6,722
Prepayments
84 43
Other debtors
32 44
Accrued income
7,111 8,432
16,501 15,377
None of the above amounts is overdue or impaired.
12. Creditors
2022 2021
£’000 £’000
Amounts falling due within one year:
Bank loans (note 13)
59,989 59,975
Investment management fees
1,704 1,797
Administrative expenses
639 280
Interest on bank loans and loan notes
493 437
62,825 62,489
2022 2021
£’000 £’000
Amounts falling due after more than one year:
Bank loans (note 13)
29,982 89,930
Loan notes (note 13)
109,895 49,909
139,877 139,839
All financial liabilities are measured at amortised cost.

92 Murray International Trust PLC
13. Borrowings
2022 2021
£’000 £’000
Unsecured bank loans repayable within one year:
Fixed rate term loan facilities
– £60,000,000 at 1.714% – 31 May 2022
– 59,975
– £60,000,000 at 2.328% – 31 May 2023
59,989 –
Unsecured bank loans repayable in more than one year but less than five years:
Fixed rate term loan facilities
– £60,000,000 at 2.328% – 31 May 2023
– 59,962
– £30,000,000 at 2.25% – 16 May 2024
29,982 29,968
Unsecured loan notes repayable in more than five years:
– £50,000,000 at 2.24% – 13 May 2031
49,918 49,909
– £60,000,000 at 2.83% – 31 May 2037
59,977 –
199,866 199,814
The terms of these loans and loan notes permit early repayment at the borrower’s option which may give rise to additional
amounts being either payable or repayable in respect of fluctuations in interest rates since drawdown. Since the Directors
currently have no intention of repaying the loans and loan notes early, then no such charges are included in the cash flows
used to determine their effective interest rate.
In May 2022, the Company utilised part of its £200m Shelf Facility, of which £50m had already been drawn down, through the
issuance of a £60 million 15 year Senior Unsecured Loan Note at an all-in-rate of 2.83%. The proceeds of the issue were used
to repay the Company’s £60 million fixed rate loan with the Royal Bank of Scotland International Limited, London Branch “RBSI”
that matured at that time. Under the terms of the Loan Note Agreement, dated May 2021, up to an additional £90 million will
also be available for drawdown by the Company for a five year period and the Board’s current intention is to only use this
additional amount to repay the Company’s existing RBSI debt as it falls due over the coming years. Financial covenants
contained within the loan note agreement provide, inter alia, that borrowings shall at no time exceed 35% of net assets, that
the Company must hold 40 investments or more and that the net assets must exceed £650 million. At 31 December 2022 the
Company held 71 investments, net assets were £1,616,750,000 and borrowings were 12.4% thereof. The Company has
complied with all financial covenants throughout the year.
The Company also has two fixed rate term loan facilities with RBSI, both of which are fully drawn down and have maturity
dates of 31 May 2023 and 16 May 2024 respectively. Financial covenants contained within the relevant loan agreements
provide, inter alia, that borrowings shall at no time exceed 40% of net assets and that the net assets must exceed £650 million.
At 31 December 2022 net assets were £1,616,750,000, and borrowings were 12.4% thereof. The Company has complied with
all financial covenants throughout the year.
Notes to the Financial Statements
Continued

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14. Share capital
2022 2021
Number £’000 Number £’000
Allotted, called up and fully paid Ordinary shares of 25p each:
Balance brought forward
125,861,856 31,466 128,438,662 32,110
Ordinary shares bought back to Treasury in the year
(848,963) (212) (2,576,806) (644)
Balance carried forward
125,012,893 31,254 125,861,856 31,466
Treasury shares:
Balance brought forward
3,550,147 887 973,341 243
Ordinary shares bought back to Treasury in the year
848,963 212 2,576,806 644
Balance carried forward
4,399,110 1,099 3,550,147 887
At 31 December 2022, shares held in Treasury represented 3.5% (2021 – 2.8%) of the Company’s total issued share capital.
During the year 848,963 Ordinary shares were bought back to Treasury representing 0.6% of the Company’s total issued share
capital (2021 – 2,576,806 representing 2.0% of the Company’s total issued share capital) at a total cost of £10,053,000 (2021 –
£28,949,000) net of expenses. Subsequent to the year end there have been no further issues or buybacks of Ordinary shares.
On a winding up of the Company, any surplus assets available after payment of all debts and satisfaction of all liabilities of the
Company shall be applied in repaying the Ordinary shareholders the amounts paid up on such shares. Any surplus shall be
divided among the holders of Ordinary shares according to the amount paid up on such shares respectively.
Voting rights. In accordance with the Articles of Association of the Company, on a show of hands, every member (or duly
appointed proxy) present at a general meeting of the Company has one vote; and, on a poll, every member present in person
or by proxy shall have one vote for every 25p nominal amount of Ordinary shares held.
15. Capital reserve
2022 2021
£’000 £’000
At 31 December 2021
1,094,549 991,513
Movement in fair value gains
66,401 139,637
Capital expenses (including taxation)
(7,020) (6,907)
Buy back of shares to Treasury
(10,053) (28,949)
Currency gains/(losses)
84 (745)
At 31 December 2022
1,143,961 1,094,549
Included in the total above are investment holdings gains at the year end of £421,337,000 (2021 - £408,975,000).

94 Murray International Trust PLC
16. Net asset value per share
The net asset value per share and the net asset value attributable to the Ordinary shares at the year end, calculated in
accordance with the Articles of Association and FRS 102, were as follows:
As at As at
31 December 2022 31 December 2021
Attributable net assets (£’000)
1,616,750 1,561,066
Number of Ordinary shares in issue (excluding Treasury)
125,012,893 125,861,856
Net asset value per share (pence)
1,293.3 1,240.3
17. Analysis of changes in net debt
At At
31 December Currency Cash Non-cash 31 December
2021 differences flows movements
A
2022
£’000 £’000 £’000 £’000 £’000
Cash and short-term deposits
8,705 84 9,383 – 18,172
Debt due within one year
(59,975) – 60,000 (60,014) (59,989)
Debt due after more than one year
(139,839) – (59,976) 59,938 (139,877)
(191,109) 84 9,407 (76) (181,694)
At At
31 December Currency Cash Non-cash 31 December
2020 differences flows movements
A
2021
£’000 £’000 £’000 £’000 £’000
Cash and short-term deposits
3,208 (745) 6,242 – 8,705
Debt due within one year
(50,000) – 50,000 (59,975) (59,975)
Debt due after more than one year
(149,805) – (49,904) 59,870 (139,839)
(196,597) (745) 6,338 (105) (191,109)
A
Figures reflect a movement in maturity dates and amortisation of finance costs.
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.
Notes to the Financial Statements
Continued

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18. 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 listed equities and debt securities, 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 may enter into derivative transactions for the purpose of
managing market risks arising from the Company’s activities in the form of swap contracts, forward foreign currency
contracts, futures and options.
The Board has delegated the risk management function to abrdn Fund Managers Limited (“aFML”) under the terms of its
management agreement with aFML (further details of which are included in the Directors’ Report). 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.
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 abrdn 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. The
AIFM has delegated the day to day administration of the investment policy to abrdn 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). The AIFM 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 Officer 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
Officer 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 abrdn plc,
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, foreign currency risk and price risk), (ii) liquidity risk and (iii) credit risk.
(i) Market risk. The fair value and future cash flows of a financial instrument held by the Company may fluctuate because
of changes in market prices. This market risk comprises three elements – interest rate risk, foreign currency risk and
price risk.

96 Murray International Trust PLC
(i)(a)
Interest rate risk. Interest rate risk is the risk that interest rate movements will affect:
– the fair value of the investments in fixed interest rate securities; and
– the level of income receivable on cash deposits.
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.
The Board reviews the values of the fixed interest rate securities on a regular basis.
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 facilities, which are used to finance opportunities at low rates. Current
bank covenant guidelines are detailed in note 13 on page 92.
Interest rate 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 Weighted Non–
which average Fixed Floating interest
rate is fixed interest rate rate rate bearing
At 31 December 2022
Years % £’000 £’000 £’000
Assets
Sterling
– – 6,269 17,090 136,385
US Dollar
21.05 5.55 32,368 759 541,270
Indian Rupee
3.67 7.79 15,132 – –
Indonesian Rupiah
7.48 7.50 31,947 – 24,065
Mexican Peso
3.18 5.75 15,422 – 107,213
South African Rand
8.17 7.00 15,779 – 12,439
Turkish Lira
1.89 8.49 6,771 – –
Other
– – – 282 839,760
Total assets
123,688 18,131 1,661,132
Liabilities
Bank loans
0.74 2.30 (89,971) – –
Loan Notes
11.67 2.56 (109,895) – –
Total liabilities
(199,866) – –
Notes to the Financial Statements
Continued

Murray International Trust PLC 97
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Weighted
average
period for Weighted Non–
which average Fixed Floating interest
rate is fixed interest rate rate rate bearing
At 31 December 2021
Years % £’000 £’000 £’000
Assets
Sterling
– – 7,637 8,143 116,658
US Dollar
22.06 5.52 38,866 267 527,077
Indian Rupee
4.18 7.71 20,399 2 17,061
Indonesian Rupiah
8.45 7.51 32,128 – 37,546
Mexican Peso
2.52 6.11 27,836 – 92,390
South African Rand
9.17 7.00 15,590 – 15,794
Turkish Lira
2.88 8.51 6,023 – –
Other
– – – 293 784,307
Total assets
148,479 8,705 1,590,833
Liabilities
Bank loans
1.22 2.07 (149,905) – –
Loan Notes
9.37 2.24 (49,909) – –
Total liabilities
(199,814) – –
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 and loan notes are based on the interest rate payable, weighted by the
total value of the bank loans and loan notes. The maturity dates of the Company’s bank loans and loan notes are shown
in note 13 to the financial statements.
The fixed rate assets represents quoted preference shares and bonds.
The floating rate assets consist of cash deposits on call earning interest at prevailing market rates.
The non-interest bearing assets represent the equity element of the portfolio.
Short-term debtors and creditors have been excluded from the above tables as they are not considered to be exposed
to interest rate risk.
Interest rate sensitivity. The sensitivity analyses below have been determined based on the exposure to interest rates for
non-derivative instruments at the Statement of Financial Position date and the stipulated change taking place at the
beginning of the financial year and held constant throughout the reporting period in the case of instruments that have
floating rates.

98 Murray International Trust PLC
If interest rates had been 100 basis points higher or lower (based on the current parameter used by the Manager’s
Investment Risk Department on risk assessment) and all other variables were held constant, the Company’s revenue
return for the year ended 31 December 2022 would increase/decrease by £181,000 (2021 – increase/decrease by
£87,000). This is mainly attributable to the Company’s exposure to interest rates on its floating rate cash balances. These
figures have been calculated based on cash positions at each year end.
The capital return would decrease/increase by £5,183,000 (2021 – increase/decrease by £6,830,000) using VaR
(“Value at Risk”) analysis based on 100 observations of weekly VaR computations of fixed interest portfolio positions at
each year end.
(i)(b) Foreign currency risk. A significant proportion of the Company’s investment portfolio is invested overseas whose values
are subject to fluctuation due to changes in foreign exchange rates. In addition, the impact of changes in foreign
exchange rates upon the profits of investment holdings 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. The Manager seeks, when
deemed appropriate, to manage exposure to currency movements on borrowings by using forward foreign currency
contracts as a hedge against potential foreign currency movements. At 31 December 2022 the Company did not have
any forward foreign currency contracts (2021 – none).
The revenue account is subject to currency fluctuation arising on overseas income. The Company does not hedge this
currency risk.
Notes to the Financial Statements
Continued

Murray International Trust PLC 99
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Currency risk exposure. Currency risk exposure (excluding fixed interest securities) by currency of denomination:
31 December 2022 31 December 2021
UK and UK and
overseas Net Total overseas Net Total
equity monetary currency equity monetary currency
investments assets
A
exposure investments assets
A
exposure
£’000 £’000 £’000 £’000 £’000 £’000
US Dollar
541,270 759 542,029 527,077 267 527,344
Euro
220,707 9 220,716 108,878 12 108,890
Taiwan Dollar
145,346 310 145,656 211,589 281 211,870
Mexican Peso
107,213 - 107,213 92,390 - 92,390
Swedish Krone
80,056 - 80,056 86,431 - 86,431
Canadian Dollar
79,536 (37) 79,499 105,794 - 105,794
Singapore Dollar
73,970 - 73,970 60,329 - 60,329
Swiss Franc
65,841 - 65,841 56,674 - 56,674
Hong Kong Dollar
64,972 - 64,972 59,761 - 59,761
Danish Krone
38,504 - 38,504 35,496 - 35,496
Thailand Baht
31,287 - 31,287 41,949 - 41,949
Australian Dollar
27,948 - 27,948 - - -
Indonesian Rupiah
24,065 - 24,065 37,546 - 37,546
South African Rand
12,439 - 12,439 15,794 - 15,794
Norwegian Krone
11,593 - 11,593 17,406 - 17,406
Indian Rupee
- - - 17,061 2 17,063
1,524,747 1,041 1,525,788 1,474,175 562 1,474,737
Sterling
136,385 (182,776) (46,391) 116,658 (191,671) (75,013)
Total
1,661,132 (181,735) 1,479,397 1,590,833 (191,109) 1,399,724
A
Reflects cash, short-term deposits and bank borrowings.
The asset allocation between specific markets can vary from time to time based on the Manager’s opinion of the
attractiveness of the individual markets.
Foreign currency sensitivity. The following table details the Company’s sensitivity to a 10% decrease (in the context of a
10% increase the figures below should all be read as negative) in sterling against the major foreign currencies in which
the Company has exposure (based on exposure >5% of total exposure). The sensitivity analysis includes foreign
currency denominated monetary items and adjusts their translation at the year end for a 10% change in foreign
currency rates, being a reasonable range of fluctuations for the period.

100 Murray International Trust PLC
2022 2021
Capital
A
Capital
A
£’000 £’000
US Dollar
54,203 52,734
Euro
22,072 10,889
Taiwan Dollar
14,566 21,187
Mexican Peso
10,721 9,239
Swedish Krone
8,006 8,643
Canadian Dollar
7,950 10,579
Total
117,518 113,271
A
Represents equity exposures to the relevant currencies.
(i)(c) Price risk. Other price risks (ie changes in market prices other than those arising from interest rate or currency risk) may
affect the value of the quoted investments. The Company’s stated objective is to achieve an above average dividend
yield, with long-term growth in dividends and capital ahead of inflation by investing principally in global equities.
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 country or sector. The allocation of assets to international
markets and the stock selection process, as detailed on pages 19 to 21, both 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 worldwide.
Price risk sensitivity. If market prices at the Statement of Financial Position date had been 10% higher or lower, which is a
reasonable range of annual price fluctuations, while all other variables remained constant, the return attributable to
Ordinary shareholders for the year ended 31 December 2022 would have increased/decreased by £166,113,000 (2021
– increase/decrease of £159,083,000) and equity would have increased/decreased by the same amount.
(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 Within Within Within Within More than
1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total
At 31 December 2022
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Bank loans
60,000 30,000 - - - - 90,000
Loan Notes
- - - - - 110,000 110,000
Interest cash flows on bank loans
1,371 337 - - - - 1,708
Interest cash flows on Loan Notes
2,818 2,818 2,818 2,818 2,818 20,051 34,141
Cash flows on other creditors
2,343 - - - - - 2,343
66,532 33,155 2,818 2,818 2,818 130,051 238,192
Notes to the Financial Statements
Continued

Murray International Trust PLC 101
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Within Within Within Within Within More than
1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total
At 31 December 2021
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Bank loans
60,000 60,000 30,000 - - - 150,000
Loan Notes
- - - - - 50,000 50,000
Interest cash flows on bank loans
2,585 1,371 337 - - - 4,293
Interest cash flows on Loan Notes
1,120 1,120 1,120 1,120 1,120 5,040 10,640
Cash flows on other creditors
2,077 - - - - - 2,077
65,782 62,491 31,457 1,120 1,120 55,040 217,010
Management of the risk. Liquidity risk is not considered to be significant as the Company’s assets comprise mainly readily
realisable securities, which can be sold to meet funding commitments if necessary. Short-term flexibility is achieved
through the use of loan and overdraft facilities (note 13).
(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
- where the Manager makes an investment in a bond, corporate or otherwise, the credit ratings of the issuer are taken
into account so as to manage the risk to the Company of default;
- investments in quoted bonds are made across a variety of industry sectors and geographic markets so as to avoid
concentrations of credit risk;
- transactions involving derivatives are entered into only with investment banks, the credit rating of which is taken into
account so as to minimise the risk to the Company of default;
- investment transactions are carried out with a 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 daily review of
failed trade reports. In addition, both stock and cash reconciliations to the custodian’s records are performed daily to
ensure discrepancies are investigated in a timely manner. The Manager’s Compliance department carries out periodic
reviews of the custodian’s operations and reports its finding to the Manager’s Risk Management Committee;
- cash is held only with reputable banks with acceptable credit quality. It is the Manager’s policy to trade only with A-
and above (Long-term rated) and A-1/P-1 (Short-term rated) counterparties.

102 Murray International Trust PLC
Credit risk exposure. In summary, compared to the amounts in the Statement of Financial Position, the maximum
exposure to credit risk at 31 December 2022 was as follows:
2022 2021
Balance Maximum Balance Maximum
Sheet exposure Sheet exposure
£’000 £’000 £’000 £’000
Non-current assets
Quoted preference shares and bonds at fair value through profit
or loss
123,688 123,688 148,479 148,479
Current assets
Amounts due from brokers
173 173 – –
Other debtors
32 32 44 44
Accrued income
7,111 7,111 8,432 8,432
Cash and short-term deposits
18,131 18,131 8,705 8,705
149,135 149,135 165,660 165,660
None of the Company’s financial assets is secured by collateral or other credit enhancements.
Credit ratings. The table below provides a credit rating profile using Moodys credit ratings for the quoted preference
shares and bonds at 31 December 2022 and 31 December 2021:
2022 2021
£’000 £’000
A3
– 14,235
Ba1
3,105 4,025
Baa1
– 13,601
Ba2
15,779 15,590
Baa2
47,369 32,127
Ba3
10,777 32,497
B1
16,375 –
Non-rated
30,283 36,404
123,688 148,479
Notes to the Financial Statements
Continued

Murray International Trust PLC 103
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Whilst a substantial proportion of the fixed interest portfolio does not have a rating provided by Moodys, the Manager
undertakes an ongoing review of their suitability for inclusion within the portfolio as set out in “Investment Process” and
“Delivering the Investment Policy” on page 21. At 31 December 2022 Moodys credit ratings agency did not provide a
rating for Ecuador bonds, Indian bonds, Turkish bonds and Irredeemable preference shares (2021 – Ecuador bonds,
Indian bonds, Turkish bonds and Irredeemable preference shares) held by the Company and were accordingly
categorised as non–rated in the table above. It was noted however that Fitch credit ratings agency does provide a B–
rating for Ecuador bonds with a value of £5,216,000 (2021 – £6,370,000 with a B– rating) and a B rating for Turkish bonds
with a value of £6,771,000 (2021 – £6,023,000 with a BB- rating).
Fair values of financial assets and financial liabilities. The fair value of borrowings has been calculated at £175,464,000 as
at 31 December 2022 (2021 – £201,783,000) compared to a carrying amount in the financial statements of
£199,866,000 (2021 – £199,814,000) (note 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. The carrying value of all other assets and liabilities is an
approximation of fair value.
19. 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 shall have 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 in 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:
Level 1 Level 2 Level 3 Total
As at 31 December 2022
Note £’000 £’000 £’000 £’000
Financial assets at fair value through profit or loss
Quoted equities
a) 1,661,132 - - 1,661,132
Quoted preference shares
b) - 6,269 - 6,269
Quoted bonds
b) - 117,419 - 117,419
Total
1,661,132 123,688 - 1,784,820

104 Murray International Trust PLC
Level 1 Level 2 Level 3 Total
As at 31 December 2021
Note £’000 £’000 £’000 £’000
Financial assets at fair value through profit or loss
Quoted equities
a) 1,590,833 - - 1,590,833
Quoted preference shares
b) - 7,637 - 7,637
Quoted bonds
b) - 140,842 - 140,842
Total
1,590,833 148,479 - 1,739,312
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.
b) Quoted preference shares and bonds. The fair value of the Company’s investments in quoted preference shares and
bonds has been determined by reference to their quoted bid prices at the reporting date. Investments categorised as
Level 2 are not considered to trade in active markets.
20. Capital management policies and procedures
The investment objective of the Company is to achieve an above average dividend yield, with long-term growth in dividends
and capital ahead of inflation by investing principally in global equities.
The capital of the Company consists of bank borrowings and equity, comprising issued capital, reserves and retained
earnings. The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the
return to shareholders through the optimisation of the debt and equity balance.
The Board monitors and reviews the broad structure of the Company’s capital on an ongoing basis. This review includes:
- the planned level of gearing which takes into account the Investment Manager’s views on the market;
- the level of equity shares in issue; and
- the extent to which revenue in excess of that which is required to be distributed should be retained.
The Company’s objectives, policies and processes for managing capital are unchanged from the preceding
accounting period.
Details of the Company’s gearing facilities and financial covenants are detailed in note 13 of the financial statements. The
Company does not have any other externally imposed capital requirements.
Notes to the Financial Statements
Continued

Murray International Trust PLC 105
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
21. Related party transactions and transactions with the Manager
Directors’ fees and interests. Fees payable during the year to the Directors and their interests in shares of the Company are
disclosed within the Directors’ Remuneration Report on page 65.
Transactions with the Manager. The Company has agreements with aFML for the provision of management, accounting and
administration services and promotional activities. Details of transactions during the year and balances outstanding at the
year end are disclosed in notes 4 and 5.
In the opinion of the Directors on the basis of shareholdings advised to them, the Company has no immediate or ultimate
controlling party.

106 Murray International Trust PLC
The Company engages in Securities Financing Transactions (SFTs) (as defined in Article 3 of Regulation (EU) 2015/2365, SFTs include
repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or
sell-buy back transactions and margin lending transactions). In accordance with Article 13 of the Regulation, the Company’s
involvement in and exposures related to securities lending for the accounting period are detailed below:
% of % of
Absolute value of assets engaged in SFTs
£’000 lendable assets net assets
31 December 2022
Securities lending
– – –
31 December 2021
Securities lending
N/A N/A N/A
Top ten collateral issuers and collateral received
Based on market value of collateral received.
For all issuers, only equity securities with a main market listing were lent and the custodian was BNY Mellon.
2022
£’000 2021 £’000
None
– N/A N/A
– N/A
2022 2021
Proportion held Proportion held
Market value in segregated Market value in segregated
of collateral held accounts of collateral held accounts
Collateral held per custodian
£’000 % £’000 %
BNY Mellon
– – N/A N/A
One custodian is used to hold the collateral, which is in a segregated account.
Market value
of collateral received
2022 2021
Collateral analysed by currency
£’000 £’000
None
– N/A
Total collateral received
– N/A
Securities Financin
g
Transactions Disclosure
(
unaudited
)

Murray International Trust PLC 107
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Market value Countries of
Securities lending
of securities lending counterparty Settlement
Top Ten Counterparties per type of SFT
A
£’000 establishment and clearing
31 December 2022
None
– – –
Total market value of securities lending
– –
31 December 2021
N/A
N/A N/A N/A
Total market value of securities lending
N/A
A
All counterparties are shown
Maturity Tenor of SFTs (remaining period to maturity)
31 December 2022
Securities lending
The lending and collateral transactions are on an open basis and can be recalled on demand. As at 31 December 2022 there were no
securities on loan (31 December 2021 – N/A).
The Company does not engage in any re-use of collateral.
2022 2021
Return and cost per type of SFT
£’000 % £’000 %
Securities lending
Gross return
160 115 N/A N/A
Direct operational costs (securities lending agent costs)
B
(24) (15) N/A N/A
Total costs
(24) (15) N/A N/A
Net return
136 100 N/A N/A
B
The unrounded direct operational costs and fees incurred for securities lending for the 12 months to 31 December 2022 is £23,993.

108 Murray International Trust PLC
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.
Discount to net asset value per Ordinary share
The premium/(discount) is the amount by which the share price is higher or lower than the net asset value per share at the year end,
expressed as a percentage of the net asset value.
2022 2021
NAV per Ordinary share (p)
a 1,293.3 1,240.3
Share price (p)
b 1,334.0 1,156.0
Discount
(b-a)/a 3.1% –6.8%
Dividend cover
Dividend cover measures the revenue return per share divided by total dividends per share, expressed as a ratio.
2022 2021
Revenue return per share (p)
a 60.1 51.7
Dividends per share (p)
b 56.0 55.0
Dividend cover
a/b 1.07x 0.94x
Dividend yield
The annual dividend per Ordinary share divided by the share price at the year end, expressed as a percentage.
2022 2021
Dividends per share (p)
a 56.0 55.0
Share price (p)
b 1,334.0 1,156.0
Dividend yield
a/b 4.2% 4.8%
Alternative Performance Measures

Murray International Trust PLC 109
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Net gearing
Net gearing measures the total borrowings less cash and cash equivalents divided by shareholders’ funds, expressed as a percentage.
Under AIC reporting guidance cash and cash equivalents includes amounts due to and from brokers at the year end as well as cash
and cash equivalents.
2022 2021
Borrowings (£’000)
a 199,866 199,814
Cash (£’000)
b 18,131 8,705
Amounts due from brokers (£’000)
c (173) –
Shareholders’ funds (£’000)
d 1,616,750 1,561,066
Net gearing
(a-b+c)/d 11.2% 12.2%
Ongoing charges ratio (OCR)
The ongoing charges ratio has been calculated in accordance with guidance issued by the AIC as the total of investment
management fees and recurring administrative expenses, expressed as a percentage of the average daily net asset values with debt
at fair value published throughout the year.
2022 2021
Investment management fees (£’000)
6,748 6,953
Administrative expenses (£’000)
1,651 1,752
Less: non-recurring charges
A
(£’000)
(72) (74)
Ongoing charges (£’000)
8,327 8,631
Average net assets (£’000)
1,604,867 1,510,301
Ongoing charges ratio (excluding look-through costs)
0.52% 0.57%
Look-through costs
B
– 0.02%
Ongoing charges ratio (including look-through costs)
0.52% 0.59%
A
Professional services comprising new Director recruitment costs and legal fees considered unlikely to recur.
B
Calculated in accordance with AIC guidance issued in October 2020 to include the Company’s share of costs of holdings in investment companies on a look-through basis.
The ongoing charges ratio provided in the Company’s Key Information Document is calculated in line with the PRIIPs regulations, which
includes amongst other things, the cost of borrowings and transaction costs.

110 Murray International Trust PLC
Total return
NAV and share price total returns show how the NAV and share price have 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.
Share
Year ended 31 December 2022
NAV Price
Opening at 1 January 2022
a 1,240.3p 1,156.0p
Closing at 31 December 2022
b 1,293.3p 1,334.0p
Price movements
c=(b/a)-1 4.3% 15.4%
Dividend reinvestment
A
d 4.5% 5.2%
Total return
c+d +8.8% +20.6%
Share
Year ended 31 December 2021
NAV Price
Opening at 1 January 2021
a 1,138.2p 1,130.0p
Closing at 31 December 2021
b 1,240.3p 1,156.0p
Price movements
c=(b/a)-1 9.0% 2.3%
Dividend reinvestment
A
d 5.1% 4.9%
Total return
c+d +14.1% +7.2%
A
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 ex-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 ex-dividend.
Alternative Performance Measures
Continued

Murray International Trust PLC 111
Corporate
Information
The Company’s Manager is abrdn
Investments Limited, a subsidiary of
abrdn plc, whose group companies
as at 31 December 2022 had
approximately £500 billion of
assets under management
and administration

112 Murray International Trust PLC
abrdn Investments Limited
The Company’s Manager is abrdn Investments Limited, a subsidiary of abrdn plc, whose group companies as at 31
December 2022 had approximately £500 billion of assets under management and administration. The Manager has its
headquarters in Edinburgh and invests globally, operating from over 60 offices around the world. Its investment teams
are generally based in the markets or regions in which they invest; in the UK its main investment centres are in London
and Edinburgh.
The abrdn Global Equity Team
The Global Equity Team at abrdn comprises thirteen individuals, predominantly based in Edinburgh, with two in the US.
This team leverages the investment analysis and research work conducted at the regional level within abrdn. While the
team can, and do, appraise investments as a combined group, the team is also arranged into smaller ‘pods’, driven by
product focus. The global equity income pod at abrdn comprises five individuals. The rationale for having small groups
focusing on various key client outcomes is that it allows research and idea generation to be explicitly focused on each
specific client outcome. It also allows for greater accountability and a more flexible and nimble decision making process.
The management of the Company’s assets is led by Bruce Stout who is assisted by Martin Connaghan and
Samantha Fitzpatrick.
Bruce Stout
Senior Investment Director
Bruce Stout is a Senior Investment Director on the Global
Equity Team which is responsible for the construction of
global equity portfolios. Bruce joined abrdn (or acquired
companies) in 1987 and has held a number of roles
including investment manager on the emerging markets
team. He has been directly involved in the management
of the Company’s assets since 1992 and Manager
since 2004.
Martin Connaghan
Investment Director
Martin Connaghan is an Investment Director on the Global
Equity team. Martin joined abrdn (or acquired companies)
in 1998 and has held a number of roles including trader,
credit analyst and ESG analyst. He has been focused on
the management of global equity portfolios for the last
fifteen years.
Samantha Fitzpatrick
Investment Director
Samantha Fitzpatrick is an Investment Director on the
Global Equity Team at abrdn. Samantha joined abrdn (or
acquired companies) in 1998 and has been involved in the
management of global equity portfolios for the last fifteen
years. She is a CFA Charter holder.
Information about the Mana
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Introduction
Whilst ESG factors are not the over-riding criteria in
relation to the investment decisions taken by the Manager
for the Company, significant attention is given to ESG and
climate related factors throughout the Manager’s
investment process. The Manager gives particular weight
to ESG factors when they are material to the investment
case being made for an investee company.
The following pages highlight the way that ESG and
climate change are considered by the Manager. These
processes are reviewed regularly and are liable to
change; the latest information will be available for
download on the Company’s website, murray-intl.co.uk.
Core beliefs: Assessing Risk, Enhancing Value
Whilst the management of the Company’s investments is
not undertaken with any specific instructions to exclude
certain asset types or classes, the consideration of ESG
factors is a fundamental part of the Manager’s investment
process. It is one of the key criteria on which the Manager
assesses the investment case for any company in which
it invests.
ESG Integration – Focusing on ESG Factors within the
Manager's Investment Process
The Manager’s bottom-up research process underpins
both its investment insights and the assessment of the
most material ESG factors a company faces; the
assessment of ESG factors takes place within the overall
structure of the investment research carried out on each
company. In assessing the business fundamentals of a
company, the Manager analyses how the company
makes money (including the evolution and growth of the
company, its track record of execution and managing risk
and the balance sheet fundamentals), the attractiveness
and characteristics of its industry and the strength and
sustainability of its competitive advantage. It also
conducts a thorough evaluation of the ESG risks and
opportunities of the company.
As well as assigning a proprietary rating (1 indicates best
in class and 5 indicates laggards) to articulate the Quality
attributes of each company the Manager also assigns an
ESG Quality rating, discussed below.
The Manager believes that understanding ESG factors
can complement broader understanding of the
competitive positioning of a business and help to build an
investment case. By integrating ESG analysis, it helps give
both an information and analytical edge, and hence a
competitive advantage.
Finally, by better understanding the quality of companies
and with ESG being a component of quality, the Manager
can act on a more informed and more rational basis
during periods of volatility, giving a behavioural edge.
The Manager also evaluates the ownership structures,
governance and management quality of the investee
companies and assesses potential environmental and
social risks and opportunities that the companies may
face. These insights are captured in the company
research notes and form a key part of our focus on quality.
Investment Managers All abrdn equity investment managers and analysts seek to engage actively with companies to
gain insight into their specific risks and provide a positive ongoing influence on their corporate
strategy for governance, environmental and social impact
ESG Equity Analysts abrdn has dedicated and highly experienced ESG equity analysts located around the world,
working as part of individual investment teams, rather than as a separate department. These
specialists are integral to pre-investment due diligence and post-investment ongoing company
engagement. They are also responsible for taking thematic research produced by the central
ESG Investment Team (see below), interpreting and translating it into actionable insights and
engagement programmes for our regional investment strategies.
ESG Investment Team This central team of more than 20 experienced specialists based in Edinburgh and London
provides ESG consultancy and insight for all asset classes. Taking a global approach both
identifies regions, industries and sectors that are most vulnerable to ESG risks and identifies those
that can take advantage of the opportunities presented. Working with investment managers, the
team is key to the Manager’s active stewardship approach of using shareholder voting and
corporate engagement to drive positive change.
ESG and Climate Related Factors

114 Murray International Trust PLC
Climate Change
The Manager has a duty to consider all factors that may
have a financially material impact on returns. Climate
change is such a key factor.
The related physical and transition risks are vast and are
becoming increasingly financially material for many of our
investments. This is not only true in the obvious high-
emitting sectors such as energy, utilities and
transportation but also along the supply chain, providers
of finance and in those reliant on agricultural outputs
and water.
In the Manager’s view, companies that successfully
manage climate change risks will perform better in the
long term. It is important that the Manager assesses the
financial implications of material climate change risks
across all asset classes, including real assets, to make
portfolios more resilient to climate risk.
Adaptation measures are essential to help limit damages
from the physical impacts of climate change.
It is generally accepted that companies are responsible
for the effects of their operations and products on the
environment. The steps they take to assess and reduce
those impacts can lead to cost savings and reduce
potential reputational damage. Companies are
responsible for their impact on the climate and they face
increased regulation from world governments on activities
that contribute to climate change.
The Manager expects that companies will:
· identify, manage and reduce their environmental
impacts
· understand the impact of climate change along the
company value chain
· develop group-level climate policies and, where
relevant, set targets to manage the impact, report on
policies, practices and actions taken to reduce carbon
and other environmental risks within their operations
· comply with all environmental laws and regulations, or
recognised international best practice as a minimum.
· Where there are serious concerns regarding a board’s
actions or inaction in relation to the environment, the
Manager will consider taking voting action on an
appropriate resolution.
abrdn’s position statement on the Environment--
https://www.abrdn.com/docs?editionId=196e496a-51d7-
4ba1-a127-4428542edb0c
Regular engagement with high-emitting investee
companies allows the Manager to better understand its
exposure and management of climate change risks and
opportunities. In actively managed investments,
ownership provides a strong ability to challenge
companies where appropriate. The Manager can also
influence corporate behaviour positively in relation to
climate-risk management.
The Manager believes that this is more powerful for an
effective energy transition than a generic fossil fuel
divestment approach. Through active engagement, it is
possible to steer investee companies towards ambitious
targets and more sustainable low-carbon solutions. The
Manager strongly encourages companies to consider the
social dimension of the energy transition to ensure it is
inclusive and ‘just’. This means worker and community
needs are considered on the path to a low-carbon
economy so they are not left stranded. Other social
aspects, such as affordability and reliability of energy
supply are also important.
The Manager also pledges to reduce its own operational
carbon footprint. It has committed to reducing emissions
from energy use by 50% by 2025, procuring 100%
renewable electricity for its buildings, and offsetting those
emissions that have not yet been eliminated.
From Laggards to Best in Class: Rating
Company ESG Credentials
Companies are analysed for Quality against 5 key
components:
· Industry
· Business Model
· ESG
· Management
· Financial Strength.
ESG and Climate Related Factors
Continued

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The ESG rating is between one and five as follows:
Analyst ESG
Rating 1. Best in class 2. Above average 3. Average 4. Below average 5. Laggard
Key
Considerations
Exceptional ESG risk
management
Business is taking
advantage of ESG
opportunities and
enhancing its
competitive
advantage
Strong oversight and
governance with
robust control
mechanisms
Strong ESG risk
management and/or
are utilising ESG
factors to improve
competitive
advantage. But
execution not as
progressed as best in
class peers
Strong oversight and
governance with
robust control
mechanisms
Business has identified
material ESG factors.
There may be instances
of policy or process
failure in recent history
but these have been
addressed
Opportunities to
enhance competitive
advantage identified, but
still nascent
Governance and
oversight more limited or
lacks strong checks and
challenge
Material ESG risks are
under-managed and
opportunities under-
developed
Lack of robust
processes in place and
there is serious potential
for something to go
wrong and severely
impact the investment
case
Business has likely had
significant issues arise
due to lack of processes
and oversight
Failure to properly
manage most material
ESG factors and no
evidence of effort to
address
Significant risk to the
investment case from
poor management of
ESG risks and failure to
capture revenue
opportunities
Working with Companies: Staying
Engaged, Driving Change
The Manager sees a programme of regular engagement
as a necessary fulfilment of its duty as a responsible
steward of clients’ assets. It is also an opportunity to share
examples of best practice seen in other companies and to
use the Manager’s influence to effect positive change. The
Manager’s engagement is not limited to the company’s
management team. It can include many other
stakeholders such as non-government agencies, industry
and regulatory bodies, as well as activists and the
company’s clients. What gets measured gets managed,
so the Manager strongly encourages companies to set
clear targets or key performance indicators on all material
factors, including ESG.
The investment process consists of four interconnected
and equally important stages:
Monitor Contact Engage Act
Ongoing due diligence
Business performance
Company financials
Corporate governance
Company’s key risks and
opportunities
Frequent dialogue
Senior executives
Board members
Heads of departments and
specialists
Site visits
Exercise rights
Attend AGM/EGMs
Vote
Explain voting decisions
Maximise influence to drive
positive outcomes
Consider all options
Increase or decrease our
shareholding
Collaborate with other
investors
Take legal action if
necessary

116 Murray International Trust PLC
Keeping You Informed
For internet users, detailed data on the Company,
including price, performance information and a monthly
fact sheet is available from the Company’s website
(murray-intl.co.uk) and the TrustNet website
(trustnet.com). Alternatively you can call 0808 500 0040
(free when dialling from a UK landline) for investment
company information.
abrdn Social Media Accounts
Twitter: @abrdnTrusts
LinkedIn: abrdn Investment Trusts
Investor Warning
The Board has been made aware by the Manager that
some investors have received telephone calls from people
purporting to work for the Manager, or third parties, who
have offered to buy their investment trust shares. These
may be scams which attempt to gain personal
information with which to commit identity fraud or could
be ‘boiler room’ scams where a payment from an investor
is required to release the supposed payment for their
shares. These callers do not work for the Manager and
any third party making such offers has no link with the
Manager. The Manager never makes these types of offers
and does not ‘cold-call’ investors in this way. If investors
have any doubt over the veracity of a caller, they should
not offer any personal information, end the call and
contact the Manager’s investor services centre using the
details provided below.
Dividend Tax Allowance
The annual tax-free personal allowance on dividend
income is £2,000 for the 2022/2023 tax year. Above this
amount, individuals will pay tax on their dividend income at
a rate dependent on their income tax bracket and
personal circumstances. The Company will provide
registered shareholders with a confirmation of dividends
paid by the Company and this should be included with any
other dividend income received when calculating and
reporting to HMRC total dividend income received. It is the
shareholder’s responsibility to include all dividend income
when calculating any tax liability.
Direct Investment in Shares
Investors can buy and sell shares in the Company directly
through a stockbroker or indirectly through a lawyer,
accountant or other professional adviser. Alternatively, for
retail clients, shares can be bought directly through the
abrdn Investment Plan for Children, abrdn Investment
Trusts ISA and abrdn Share Plan.
abrdn Investment Plan for Children
abrdn runs an Investment Plan for Children (the “Children’s
Plan”) which covers a number of investment companies
under its management including the Company. Anyone
can invest in the Children’s Plan, including parents,
grandparents and family friends (subject to the eligibility
criteria as stated within the terms and conditions). All
investments are free of dealing charges on the initial
purchase of shares, although investors will suffer the bid-
offer spread, which can, on some occasions, be a
significant amount. Lump sum investments start at £150
per trust, while regular savers may invest from £30 per
month. Investors simply pay Government Stamp Duty
(currently 0.5%) on all purchases. Selling costs are £10 +
VAT. There is no restriction on how long an investor need
invest in the Children’s Plan, and regular savers can stop or
suspend participation by instructing abrdn in writing at any
time. In common with other schemes of this type, all
investments are held in nominee accounts. Investors have
full voting and other rights of share ownership.
abrdn Share Plan
abrdn runs a Share Plan (the “Plan”) through which shares
in the Company can be purchased. There are no dealing
charges on the initial purchase of shares, although
investors will suffer the bid-offer spread, which can, on
some occasions, be a significant amount. Lump sum
investments start at £250, while regular savers may invest
from £100 per month. Investors simply pay Government
Stamp Duty (currently 0.5%). Selling costs are £10 + VAT.
There is no restriction on how long an investor need invest
in a Plan, and regular savers can stop or suspend
participation by instructing abrdn in writing at any time. In
common with other schemes of this type, all investments
are held in nominee accounts. Investors have full voting
and other rights of share ownership.
Investor Information

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abrdn Investment Trusts ISA
An investment of up to £20,000 can be made in an ISA in
the tax year 2022/2023. The annual ISA administration
charge is £24 + VAT, calculated annually and applied on 31
March (or the last business day in March) and collected
soon thereafter either by direct debit or, if there is no valid
direct debit mandate in place, from the available cash in
the Plan prior to the distribution or reinvestment of any
income, or, where there is insufficient cash in the Plan,
from the sale of investments held in the Plan. Investors
have full voting and other rights of share ownership. Under
current legislation, investments in ISAs can grow free of
capital gains tax.
ISA Transfer to abrdn
You can choose to transfer previous tax year investments
to abrdn which can then be invested in the Company
while retaining your ISA wrapper. The minimum lump sum
for an ISA transfer is £1,000, subject to a minimum per trust
of £250.
Shareholder Enquiries
In the event of queries regarding their holdings of shares,
lost certificates dividend payments, registered details, etc
shareholders holding their shares in the Company directly
should contact the registrars, Link Asset Services at Link
Group, 10th Floor, Central Square, 29 Wellington Street,
Leeds LS1 4DL or Tel: 0371 664 0300 Lines are open 9.00
a.m. to 5.30 p.m. (London Time) Monday to Friday. Calls
may be recorded and monitored randomly for security
and training purposes. Changes of address must be
notified to the registrars in writing.
Any general enquiries about the Company should be
directed to the Company Secretary, Murray International
Trust PLC, 1 George Street, Edinburgh EH2 2LL or by email
at CEF.CoSec@abrdn.com.
If you have any questions about an investment held
through the abrdn Share Plan, abrdn Investment Trusts ISA
or abrdn Investment Plan for Children, please telephone
the Manager’s Customer Services Department on 0808
500 0040 (free from a UK landline). Alternatively, email
inv.trusts@abrdn.com or write to abrdn Investment Trusts,
PO Box 11020, Chelmsford, Essex CM99 2DB.
Literature Request Service
For literature and application forms for the Company and
the abrdn range of investment trust products, please
telephone: 0808 500 4000. For information on the abrdn
Investment Plan for Children, abrdn Share Plan, abrdn
Investment Trusts ISA or an ISA Transfer to abrdn please
write to abrdn Investment Trust Administration, PO Box
11020, Chelmsford, Essex, CM99 2DB or telephone the
Manager’s Customer Services Department on 0808 500
00 40 (free from a UK landline). Terms and conditions for
the abrdn managed savings products can be found under
the literature section of invtrusts.co.uk.
Key Information Document (“KID”)
The KID relating to the Company and published by the
Manager can be found via the following link on the
Company’s website:
https://docs.publifund.com/kiduk/GB0006111909/en_GB
Online Dealing
There are a number of online dealing platforms for private
investors that offer share dealing, ISAs and other means to
invest in the Company. Real-time execution-only
stockbroking services allow you to trade online, manage
your portfolio and buy UK listed shares. These sites do not
give advice. Some comparison websites also look at
dealing rates and terms. Some well-known online
providers, which can be found through internet search
engines, include:
AJ Bell Youinvest; Barclays Smart Investor; Charles Stanley
Direct; Fidelity; Halifax; Hargreaves Lansdown; Interactive
Investor (a wholly owned abrdn subsidiary); Novia;
Transact; and Standard Life.
Discretionary Private Client Stockbrokers
If you have a large sum to invest, you may wish to contact
a discretionary private client stockbroker. They can
manage your entire portfolio of shares and will advise you
on your investments. To find a private client stockbroker
visit The Personal Investment Management and Financial
Advice Association at pimfa.co.uk.
Independent Financial Advisers
To find an adviser who recommends on investment trusts,
visit unbiased.co.uk.

118 Murray International Trust PLC
Regulation of Stockbrokers
Before approaching a stockbroker, always check that
they are regulated by the Financial Conduct Authority:
Tel: 0800 111 6768
Website: https://register.fca.org.uk/
Email: register@fca.org.uk
Suitable for Retail/NMPI Status
The Company’s securities are intended for investors
primarily in the UK (including retail investors), professional-
advised private clients and institutional investors who are
wanting to benefit from the growth prospects of global
companies by investment in a relatively risk averse
investment trust and who understand and are willing to
accept the risks of exposure to equities. Investors should
consider consulting a financial adviser who specialises in
advising on the acquisition of shares and other securities
before acquiring shares. Investors should be capable of
evaluating the risks and merits of such an investment and
should have sufficient resources to bear any loss that
may result.
The Company currently conducts its affairs so that its
securities can be recommended by a financial adviser to
ordinary retail investors in accordance with the Financial
Conduct Authority’s (FCA) rules in relation to non-
mainstream pooled investments (NMPIs) and intends to
continue to do so for the foreseeable future. The
Company’s shares are excluded from the FCA’s
restrictions which apply to non-mainstream investment
products because they are shares in an investment trust.
Note
Please remember that past performance is not a guide to
the future. Stock market and currency movements may
cause the value of shares and the income from them to
fall as well as rise and investors may not get back the
amount they originally invested.
As with all equity investments, the value of investment
trusts purchased will immediately be reduced by the
difference between the buying and selling prices of the
shares, the market maker’s spread.
Investors should further bear in mind that the value of
any tax relief will depend on the individual circumstances
of the investor and that tax rates and reliefs, as well as
the tax treatment of ISAs may be changed by
future legislation.
AIFMD Disclosures (Unaudited)
The Company has appointed abrdn Fund Managers
Limited as its alternative investment fund manager and
BNY Mellon as its depositary under the AIFMD. abrdn 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
murray-intl.co.uk. There have been no material changes to
the disclosures contained within the PIDD since its last
publication in March 2022.
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
are included in the Strategic Report.
· None of the Company’s assets is subject to special
arrangements arising from their illiquid nature.
· The Strategic Report, note 18 to the Financial
Statements and the PIDD together set out the risk profile
and risk 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 Company’s Investment Policy risk limits detailed
on page 28, 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.
· 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 Secretaries, abrdn Holdings Limited on
request (see contact details on page 129) and the
remuneration disclosures in respect of the AIFM’s
reporting period for the year ended 31 December 2022
are available on the Company’s website.
Continued
Investor Information

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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 2.50:1 2.00:1
Actual level at 31 December 2022 1.23:1 1.24:1
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 is no right of
re-use of collateral or any guarantees granted under the
gearing agreements. 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 pages 116 to 119 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

120 Murray International Trust PLC
aFML
abrdn Fund Managers Limited is a wholly owned subsidiary of
abrdn PLC and acts as the Alternative Investment Fund Manager
for the Company. aFML is authorised and regulated by the
Financial Conduct Authority.
AIC
The Association of Investment Companies – the AIC is the trade
body for closed-ended investment companies (theaic.co.uk).
AIFMD
The Alternative Investment Fund Managers Directive – The AIFMD
is European legislation which created a European-wide
framework for regulating managers of ‘alternative investment
funds’ (AIFs). It is designed to regulate any fund which is not a
UCITS (Undertakings for Collective Investments in Transferable
Securities) fund and which is managed/marketed in the EU. The
Company has been designated as an AIF.
Alternative Performance Measure or APM
An alternative performance measure is a financial measure of
historical or future financial performance, financial position, or
cash flows, other than a financial measure defined or specified in
the applicable financial reporting framework.
Common Reporting Standards or CRS
Under CRS the Company is required to provide personal
information to HMRC on certain investors that purchase shares in
the Company. This information will be provided annually to the
local tax authority of the tax residencies of a number of non UK
based certificated shareholders and corporate entities.
Compound Annual Growth Rate or CAGR
CAGR is an estimate of the rate of return per year. The CAGR is
the effective rate of growth that, if compounded annually, is
equivalent to the actual rate achieved over a period of time.
Discount
The amount by which the market price per share of an
investment trust is lower than the NAV per share. The discount is
normally expressed as a percentage of the NAV per share (see
also ‘Premium’).
Disclosure Guidance and Transparency
Rules or DTRs
The DTRs are issued by the Financial Conduct Authority (FCA)
and contain requirements for publishing and distributing annual
financial reports, half-yearly financial reports and other
regulatory statements, and are applicable to investment
companies which are listed on the main market of the London
Stock Exchange.
Dividend Cover
Revenue return per share divided by dividends per share
expressed as a ratio.
Dividend Entitlements
The Ordinary shares carry the right to receive the revenue profits
(including accumulated revenue reserves) of the Company
available for distribution as dividend and determined to be
distributed by way of interim and/or final dividend and at such
times as the Directors may determine.
Electronic Communications
Any registered shareholders wishing to receive future
communications from the Company electronically should
contact Link Asset Services at Link Group, 10th Floor, Central
Square, 29 Wellington Street, Leeds LS1 4DL
or Tel: 0371 664 0300 (lines are open 9.00 a.m. -5.30 p.m. Mon-Fri).
Environmental, Social and Governance
or ESG
ESG refers to the three key factors that can be used to measure
the sustainability and impact on society of an investee company.
Gearing
Investment Trusts can ‘gear’ or borrow money to invest but unit
trusts are limited in this respect. Gearing can magnify a fund’s
return, however, a geared investment is riskier because of the
borrowed money.
Investment Manager or Manager
The Company’s Alternative Investment Fund Manager is abrdn
Fund Managers Limited (“aFML”) which is authorised and
regulated by the Financial Conduct Authority. Day-to-day
management of the portfolio is delegated to abrdn Investments
Limited (“aIL”). aIL and aFML are collectively referred to as the
“Investment Manager” or the “Manager”.
Key Information Document or KID
The Packaged Retail and Insurance-based Investment Products
(PRIIPS) Regulation requires the Manager, as the Company’s PRIIP
“manufacturer,” to prepare a key information document (“KID”) in
respect of the Company. This KID must be made available by the
Manager to retail investors prior to them making any investment
decision and is available via the Company’s website. The
Company is not responsible for the information contained in the
KID and investors should note that the procedures for calculating
the risks, costs and potential returns are prescribed by law. The
figures in the KID may not reflect the expected returns for the
Company and anticipated performance returns cannot
be guaranteed.
Glossary of Terms

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Key Performance Indicator or KPI
In accordance with the Companies Act 2006, the Strategic Report
section of the Annual Report is required to contain Key
Performance Indicators. These are factors by reference to which
the development, performance or position of the business of the
Company can be measured.
Listing Rules
The Financial Conduct Authority’s (FCA) Listing Rules are a set of
regulations that are applicable to all companies that are listed on
the London Stock Exchange.
MiFID
The Markets in Financial Instruments Directive 2004/39/EC
(MiFID)is a European Union law that provides harmonised
regulation for investment services across the 31 member states
of the European Economic Area.
Net Asset Value or NAV
The value of total assets less liabilities. Liabilities for this purpose
includes current and long-term liabilities. The NAV divided by the
number of shares in issue produces the NAV per share.
Net Gearing/(Cash)
Net gearing/(cash) is calculated by dividing total assets (as
defined below) less cash or cash equivalents by shareholders’
funds expressed as a percentage.
Ongoing Charges Ratio (OCR)
Ratio of expenses as percentage of average daily shareholders’
funds calculated as per the AIC’s industry standard method.
PIDD or Pre-Investment
Disclosure Document
The Manager and the Company are required to make certain
disclosures available to investors in accordance with the AIFMD.
Those disclosures that are required to be made pre-investment
are included within a pre-investment disclosure document
(‘PIDD’), a copy of which can be found on the Company’s website.
Premium
The amount by which the market price per share of an
investment trust exceeds the NAV per share. The premium is
normally expressed as a percentage of the NAV per share.
Prior Charges
The name given to all borrowings including debentures, long-
term loans and short-term loans and overdrafts 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 and
the income shares of split capital trusts, irrespective of the time
until repayment.
Reference Index
The Company does not have a Benchmark. However,
performance is measured against a number of measures
including a Reference Index, the FTSE All World TR Index, which
was adopted from May 2020. Given the composition of the
portfolio and the Manager’s investment process, it is likely that the
Company’s investment performance may diverge, possibly
significantly, from this Reference Index. Performance prior to 27
April 2020 was measured against a composite Benchmark Index
(40% of the FTSE World UK Index and 60% of the FTSE World ex-
UK Index) up to 27 April 2020 and the FTSE All World TR Index
thereafter.
Total Assets
The total assets less current liabilities as shown on the Balance
Sheet with the addition of Prior Charges (as defined above).
Total Return
Total Return involves reinvesting the net dividend in the month
that the share price goes ex dividend. The NAV Total Return
involves investing the same net dividend in the NAV of the
Company on the date to which that dividend was earned, eg
quarter end, half year or year end date.
Voting Rights
In accordance with the Articles of Association of the Company,
on a show of hands, every member (or duly appointed proxy)
present at a general meeting of the Company has one vote; and,
on a poll, every member present in person or by proxy shall have
one vote for every 25p nominal amount of Ordinary shares held.
Winding-Up Entitlements
On a winding up of the Company, any surplus assets available
after payment of all debts and satisfaction of all liabilities of the
Company shall be applied in repaying the Ordinary shareholders
the amounts paid up on such shares. Any surplus shall be divided
among the holders of Ordinary shares pari passu according to
the amount paid up on such shares respectively.

122 Murray International Trust PLC
General
The 2023 Annual General Meeting of the Company
will be held at 12:30 p.m. on 21 April 2023 at
The Glasgow Royal Concert Hall, 2 Sauchiehall Street,
Glasgow G2 3NY

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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
NOTICE IS HEREBY GIVEN that the one hundred and fifteenth Annual General Meeting of Murray International Trust PLC
(registered in Scotland under company number SC006705) will be held at 12:30 p.m. on 21 April 2023 at The Glasgow
Royal Concert Hall, 2 Sauchiehall Street, Glasgow G2 3NY for the purposes of considering and, if thought fit, passing the
following resolutions, of which resolutions 1 to 13 (inclusive) will be proposed as Ordinary Resolutions and resolutions 14
and 15 will be proposed as Special Resolutions:
Ordinary Resolutions
1. To receive and adopt the Directors’ Report, the Auditor’s Report and audited financial statements for the year ended
31 December 2022.
2. To receive and approve the Directors’ Remuneration Report for the year ended 31 December 2022 (other than the
Directors’ Remuneration Policy).
3. To approve the Directors’ Remuneration Policy, the full text of which is contained in the Directors’ Remuneration
Report for the year ended 31 December 2022.
4. To re-elect Ms C Binyon* as a Director of the Company.
5. To re-elect Mrs A Mackesy* as a Director of the Company.
6. To re-elect Mr N Melhuish* as a Director of the Company.
7. To elect Ms V Holmes* as a Director of the Company.
8. To re-elect Mr D Hardie* as a Director of the Company.
9. To re-appoint BDO LLP as independent auditor of the Company to hold office from the conclusion of the Annual
General Meeting of the Company until the conclusion of the next general meeting at which financial statements are
laid before the Company.
10. To authorise the Directors to fix the remuneration of the independent auditor of the Company.
11. To declare a final dividend of 20.0p per Ordinary share in respect of the year ended 31 December 2022 to be paid on
5 May 2023 to holders of the Ordinary shares of the Company on the register at close of business on 11 April 2023.
12. THAT each of the issued ordinary shares of 25p each in the capital of the Company be and hereby is sub-divided into
five ordinary shares of 5p each in the capital of the Company (the “New Ordinary Shares”), the New Ordinary Shares
having the same rights and being subject to the same restrictions and obligations (save as to nominal value) as the
existing ordinary shares of 25p each in the capital of the Company, as set out in the Company's articles of
association, such sub-division being conditional on, and to take effect on, admission of the New Ordinary Shares to
the Official List of the Financial Conduct Authority and to trading on London Stock Exchange plc’s main market for
listed securities, such admission to occur by no later than 8.00 a.m. on 24 April 2023 (or such later time and/or date as
the Directors of the Company may in their absolute discretion determine).
13. THAT, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the
date hereof, the Directors of the Company be and they are hereby generally and unconditionally authorised in
accordance with Section 551 of the Act to exercise all the powers of the Company to allot Ordinary shares in the
Company (“Ordinary Shares”) and to grant rights to subscribe for, or to convert any security into, Ordinary Shares
(“Rights”) in the Company up to an aggregate nominal amount of £3,125,322 (being equal to approximately 10% of
the Company’s issued Ordinary Share capital (excluding Treasury shares) as at 2 March 2023) such authority to
expire on the earlier of the conclusion of the next annual general meeting of the Company after the passing of this
resolution and 30 June 2024 (unless previously renewed, varied or revoked by the Company in general meeting), but
so that this authority shall allow the Company to make, before the expiry of this authority, offers or agreements
which would or might require Ordinary Shares to be allotted or Rights to be granted after such expiry and the
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124 Murray International Trust PLC
Directors shall be entitled to allot shares and grant Rights in pursuance of such an offer or agreement as if such
authority had not expired
Special Resolutions
14. THAT, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the
date hereof, the Directors of the Company be and they are hereby empowered, pursuant to sections 570 and 573 of
the Companies Act 2006 (the “Act”), to allot equity securities (as defined in Section 560 of the Act) for cash pursuant
to the authority given in accordance with section 551 of the Act by Resolution 13 as if section 561 of the Act did not
apply to any such allotment, provided that this power shall:-
i. expire on the earlier of the conclusion of the next annual general meeting of the Company after the passing of
this resolution and 30 June 2024 (unless previously renewed, varied or revoked by the Company in general
meeting), but so that this power shall enable the Company to make, before the expiry of this authority, offers or
agreements which would or might require equity securities to be allotted after the expiry of this power and the
Directors shall be entitled to allot equity securities in pursuance of such an offer or agreement as if such power
had not expired;
ii. be limited to the allotment of equity securities up to an aggregate nominal amount of £3,125,322 (being equal to
approximately 10% of the Company’s issued Ordinary Share capital (excluding Treasury shares) as at 2 March
2023); and
iii. be limited to the allotment of equity securities at a price not less than 0.5% above the net asset value per
Ordinary share from time to time (as determined by the Directors and excluding Treasury shares).
This power applies to a sale of Treasury shares which is an allotment of equity securities by virtue of section 560(3)
of the Act as if in the first paragraph of this Resolution 14 the words ‘pursuant to the authority given in accordance
with Section 551 of the Act by Resolution 13’ were omitted.
15. THAT, in substitution for any existing authority, but without prejudice to the exercise of any such authority prior to the
date hereof, the Company be generally and, subject as hereinafter appears, unconditionally authorised in
accordance with section 701 of the Companies Act 2006 (the Act") to make market purchases (within the meaning
of Section 693(4) of the Act) of fully paid Ordinary shares in the capital of the Company (“Ordinary Shares”) on such
terms and in such manner as the Directors from time to time determine, PROVIDED ALWAYS THAT:
i. the maximum aggregate nominal value of Ordinary Shares hereby authorised to be purchased is £4,684,858
(or, if less, the amount of nominal value representing 14.99% of the issued Ordinary Share capital of the
Company (excluding shares held in Treasury) as at the date of the passing of this Resolution 15);
ii. the minimum price (exclusive of expenses) which may be paid for each Ordinary Share shall be the nominal
value of that share;
iii. the maximum price (exclusive of expenses) which may be paid for each Ordinary Share shall not exceed the
higher of (i) an amount equal to 105% of the average of the middle market quotations for an Ordinary Share as
taken from, and calculated by reference to, the Daily Official List of the London Stock Exchange for the five
business days immediately preceding the day on which the Ordinary Share is purchased; and (ii) the higher of
the price of the last independent trade and the highest current independent bid for an Ordinary Share on the
London Stock Exchange at the time the purchase is carried out;
iv. any purchase of Ordinary Shares will be made in the market for cash at prices below the prevailing net asset
value per Ordinary Share (as determined by the Directors);
v. the authority hereby conferred shall expire at the conclusion of the next annual general meeting of the
Company after the passing of this resolution or on 30 June 2024, whichever is earlier, unless such authority is
previously revoked, varied or renewed by the Company in general meeting prior to such time; and
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Murray International Trust PLC 125
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
vi. the Company may, at any time prior to the expiry of the authority hereby conferred, enter into a contract or
contracts to purchase shares under such authority which would or might be completed or executed wholly or
partly after the expiration of such authority and may make a purchase of shares pursuant to any such contract
or contracts as if the authority conferred hereby had not expired.
* The biographies of the Directors and reasons for re-election are detailed on pages 50 and 52 of this Annual Report.
By order of the Board
abrdn Holdings Limited
Secretary
2 March 2023
Registered Office
1 George Street
Edinburgh
EH2 2LL
Notes
i. Only those shareholders registered in the register of members of the Company at close of business on 19 April 2023 shall be
entitled to attend and/or vote at the Annual General Meeting in respect of the number of shares registered in their name at that
time (“the specified time”). If the Meeting is adjourned to a time not more than 48 hours after the specified time applicable to the
original Meeting, that time will also apply for the purpose of determining the entitlement of shareholders to attend and/or vote at
the adjourned meeting. If the Meeting is adjourned for a longer period, the time by which a person must be entered on the register
of members of the Company in order to have the right to attend and/or vote at the adjourned meeting is the close of business
two days (excluding non working days) prior to the time of the adjourned meeting. Changes to entries on the register of
members after the relevant deadline shall be disregarded in determining the rights of any person to attend and/or vote at the
Annual General Meeting.
ii. As at 2 March 2023 (being the last practicable date prior to the publication of this Notice), the Company’s issued share capital
consisted of 125,012,893 Ordinary shares carrying one vote each on a poll and 4,399,110 Treasury shares. Therefore, the total
voting rights in the Company as at 2 March 2023 are 125,012,893 and the Treasury shares represent 3.4% of the total issued
Ordinary share capital (inclusive of treasury shares).
iii. A shareholder entitled to attend and vote at the Annual General Meeting is entitled to appoint one or more proxies to attend,
speak and vote instead of him or her, provided that if two or more proxies are appointed, each proxy must be appointed to
exercise the rights attaching to different shares. A Form of Proxy is enclosed with this Notice. A proxy need not be a shareholder of
the Company. Completion and return of the Form of Proxy will not preclude shareholders from attending or voting at the Annual
General Meeting, if they so wish. Details of how to appoint the Chairman of the Meeting as your proxy using the Form of Proxy are
set out in the note to the Form of Proxy. In the event that a Form of Proxy is returned without an indication as to how the proxy shall
vote on the resolutions, the proxy will exercise his or her discretion as to whether, and if so how, he or she votes. You may also
submit your proxy electronically using The Share Portal service at
signalshares.com. Shareholders can use this service to vote or
appoint a proxy online. The same voting deadline of 48 hours (excluding non-working days) before the time of the meeting
applies as if you were using your Personalised Voting Form to vote or appoint a proxy by post to vote for you. In order to utilise The
Share Portal, Shareholders will need to use the unique personal identification Investor Code, which can be found on your share
certificate. Shareholders should not show this information to anyone unless they wish to give proxy instructions on their behalf.
iv. To be valid, the Form of Proxy, together with the power of attorney or other authority, if any, under which it is executed (or a
notarially certified copy of such power or authority) must be deposited with the Company’s Registrar, for this purpose being PXS 1,
Link Group, Central Square, 29 Wellington Street, Leeds, LS1 4DL, as soon as possible, but in any event not later than 12.30 p.m. on
19 April 2023. If you have any queries relating to the completion of the Form of Proxy, please contact Link Group on 0371 664 0300
(lines are open 9.00am to 5.30pm Mon-Fri). Link Group cannot provide advice on the merits of the business to be considered nor
give any financial, legal or tax advice. Alternatively, if the shareholder holds his or her shares in uncertificated form (i.e. in CREST)
they may vote using the CREST System (see note (x) below).
v. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity
of the principal or revocation of the proxy or of the authority under which the proxy was executed, or the transfer of the share in
respect of which the proxy is given, provided that no intimation in writing of such death, insanity, revocation or transfer as
aforesaid shall have been received by the Company at its registered office or the address specified in note (iv) above before the
commencement of the meeting or adjourned meeting at which the proxy is used.

126 Murray International Trust PLC
vi. Where there are joint holders of any share, any one of such persons may vote at any meeting, and if more than one of such
persons is present at any meeting personally or by proxy, the vote of the senior holder who tenders the vote shall be accepted to
the exclusion of the votes of other joint holders and, for this purpose, seniority will be determined by the order in which the names
stand in the register of members of the Company.
vii. Any 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 Annual General 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. Nominated Persons should also remember
that their main point of contact in terms of their investment in the Company remains the shareholder who nominated the
Nominated Person to enjoy information rights (or, perhaps the custodian or broker who administers the investment on their
behalf). Nominated Persons should continue to contact that shareholder, custodian or broker (and not the Company) regarding
any changes or queries relating to the Nominated Person’s personal details and interests in the Company (including any
administrative matter). The statement of the rights of shareholders in relation to the appointment of proxies in notes (iii) to (v)
does not apply to Nominated Persons. The rights described in these notes can only be exercised by shareholders of the
Company.
viii. Any corporation which is a shareholder may authorise such person as it thinks fit to act as its representative at this meeting. Any
person so authorised shall be entitled to exercise on behalf of the corporation which he/she represents the same powers (other
than to appoint a proxy) as that corporation could exercise if it were an individual shareholder (provided, in the case of multiple
corporate representatives of the same corporate shareholder, they are appointed in respect of different shares owned by the
corporate shareholder or, if they are appointed in respect of the same shares, they vote the shares in the same way). To be able
to attend and vote at the Annual General Meeting, corporate representatives will be required to produce prior to their entry to the
Meeting evidence satisfactory to the Company of their appointment.
ix. Under section 338 and section 338A of the Companies Act 2006, members meeting the threshold requirements in those sections
have the right to require the Company (a) to give to members of the Company entitled to receive notice of the Meeting, notice of
any resolution which may properly be moved and is intended to be moved at the Meeting and/or (b) to include in the business to
be dealt with at the Meeting any matter (other than a proposed resolution) which may be properly included in the business.
A resolution may properly be moved or a matter may properly be included in the business unless (a) (in the case of resolution
only) it would, if passed, be ineffective (whether by reason of inconsistency with any enactment or the Company’s constitution or
otherwise), (b) it is defamatory of any person, or (c) it is frivolous or vexatious. Such a request may be in hard copy form or in
electronic form, must identify the resolution of which notice is to be given or the matter to be included in the business, must be
authorised by the person or persons making it, must be received by the Company not later than the date that is six weeks before
the Meeting, and (in the case of a matter to be included in the business only) must be accompanied by a statement setting out
the grounds for the request.
x. Notes on CREST Voting:
1. CREST Members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so
by utilising the procedures described in the CREST Manual, which is available to download from the Euroclear UK & International
(“Euroclear”) website (
www.euroclear.com). CREST personal members or other CREST sponsored members, and those
CREST members who have appointed voting service provider(s) should contact their CREST sponsor or voting service
provider(s) who will be able to take the appropriate action on their behalf.
2. In order for a proxy appointment or instruction made using the CREST system to be valid, the appropriate CREST message (a
“CREST proxy instruction”) must be properly authenticated in accordance with Euroclear’s specifications and must contain the
information required for such instructions, as described in the CREST Manual. To appoint a proxy or to give or amend an
instruction to a previously appointed proxy via the CREST system, the CREST message must be received by the issuer’s agent
RA10 by 12:30 p.m. on 19 April 2023. 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 applications Host) from which the issuer’s agent is able to retrieve the
message. CREST members and, where applicable, their CREST sponsors or voting service providers should note that Euroclear
does not make available special procedures in CREST for any particular messages. Normal system timings and limitations will
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Murray International Trust PLC 127
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
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 CREST sponsored member or has appointed a voting service
provider(s), to procure that his CREST sponsor or voting service provider(s) takes(s)) such action as shall be necessary to ensure
that a message is transmitted by means of the CREST system by a particular time. For further information on CREST procedures,
limitations and system timings please refer to the CREST Manual. The Company may treat as invalid a proxy appointment sent
by CREST in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001. In any case, a
proxy form must be received by the Company’s registrars no later than 12:30 p.m. on 19 April 2023.
xi. Proxymity Voting – 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 12:30 p.m. on 19 April 2023 in order to be considered valid or, if the
Annual General Meeting is adjourned, by the time which is 48 hours before the time of the adjourned meeting. 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. An
electronic proxy appointment via the Proxymity platform may be revoked completely by sending an authenticated message via
the platform instructing the removal of your proxy vote.
xii. Shareholders are advised that unless otherwise provided, the telephone numbers and website addresses which are set out in this
Notice or the Form of Proxy/Letter of Direction are not to be used for the purpose of serving information or documents on the
Company including the service of information or documents relating to proceedings at the Company’s Annual General Meeting.
xiii. If the Chairman, as a result of any proxy appointments, is given discretion as to how the votes the subject of those proxies are cast
and the voting rights in respect of those discretionary proxies, when added to the interests in the Company’s shares already held
by the Chairman, result in the Chairman holding such number of voting rights that he has a notifiable obligation under the
Disclosure Guidance and Transparency Rules, the Chairman will make the necessary notifications to the Company and the
Financial Conduct Authority. As a result any person holding 3% or more of the voting rights in the Company who grants the
Chairman a discretionary proxy in respect of some or all of those voting rights and so would otherwise have a notification
obligation under the Disclosure Guidance and Transparency Rules, need not make a separate notification to the Company and
the Financial Conduct Authority.
xiv. In accordance with Section 311A of the Companies Act 2006, the contents of this notice of Meeting, details of the total number of
shares in respect of which members are entitled to exercise voting rights at the Annual General Meeting and, if applicable, any
members’ statements, members’ resolutions or members’ matters of business received by the Company after the date of this
notice will be available on the Company’s website
murray-intl.co.uk.
xv. Pursuant to Section 319A of the Companies Act 2006, the Company must cause to be answered at the Annual General Meeting
any question relating to the business being dealt with at the Annual General Meeting which is put by a shareholder attending the
Meeting, except in certain circumstances, including if it is undesirable in the interests of the Company or the good order of the
Meeting that the question be answered or if to do so would involve the disclosure of confidential information.
xvi. Shareholders should note that it is possible that, pursuant to requests made by shareholders 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: (i)
the audit of the Company’s accounts (including the auditor’s report and the conduct of the audit) that are to be laid out before
the Annual General Meeting; or (ii) any circumstance 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,
that the shareholders propose to raise at the Annual General Meeting. The Company may not require the shareholders
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 not later that 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 the website.
xvii. Participants in the abrdn Share Plan, Plan for Children and ISA are entitled to vote by completing the enclosed Letter of Direction
and returning it to the Company’s registrars.

128 Murray International Trust PLC
Stock Exchange Codes SEDOL ISIN
Ordinary shares of 25p each ( up to 21 Apri
l
202
3
) 0611190 GB0006111909
Ordinary shares of 5p each (conditional upon approval of Share Sub Division) BQZCCB7 GB00BQZCCB79
Annual General Meeting
The Annual General Meeting will be on Friday 21 April 2023 at 12:30 p.m. at The Glasgow Royal Concert Hall, 2
Sauchiehall Street, Glasgow G2 3NY.
Online Shareholder Presentation
The Directors will be holding an Online Shareholder Presentation on Monday 3 April 2023 at 11:00 a.m.. Further details
and how to register are included in the Chairman’s Statement.
Recent Ordinary Share Capital History
Shares Issued Share Buybacks Shares in Issue
Year ended 31 December Ordinary 25p Ordinary 25p Ordinary 25p
2018 357,665 n/a 128,143,545
2019 1,188,458 n/a 129,332,003
2020 80,000 973,341 128,438,662
2021 - 2,576,806 125,861,856
2022 - 848,963 125,012,893
History
Murray International Trust PLC started its life in 1907 as The Scottish Western Investment Company Limited. The Scottish
Western of the early days was very highly geared but it was mainly invested in bonds, though the international spread
resembled today’s, with countries such as Argentina, China, Japan, Canada and many others appearing in the portfolio.
Although the range of currencies was much smaller, multi currency or even gold-backed bonds were commonplace, as
many of the era’s bond certificates show. The big move into equities came after the 1930s slump, when bond defaults
forced the purchase of higher yielding equities to fund the costs of the Company’s gearing. The Managers were not slow
to spot an opportunity, but it started as Hobson’s choice, and was only later hailed as brilliant foresight.
In 1929 just under 20% of the assets were in equities, in 1940 38%, in 1948 51% of the assets, which were still only £2.65
million. After deducting the preference shares (which were repaid in 1999) and debentures, the Company was
effectively over 100% geared into equities by the start of the great post war boom. After a number of amalgamations,
the Company emerged as a generalist investment trust. However, there was an excess of trusts with a similar broad
remit, so towards the end of the 1970s the Board defined the investment brief more narrowly as the achievement of
growth in income and capital through a well diversified portfolio. Symbolised by the name change from Murray Western
to Murray International Trust PLC in 1984, the focus has since been on a relatively high yielding portfolio of equities in a
well diversified mix of world markets.
In 2008 the Board circulated to all shareholders a short booklet to commemorate the centenary of the incorporation of
the Company on 18 December 1907. In 2018 the Centenary Booklet was updated. Copies are available on the website,
murray-intl.co.uk or from the Company Secretary.
Shareholder Information

Glasgow’s Finnieston Crane, a symbol of the city’s
industrial heritage. The Company’s roots can be
traced back to Glasgow’s thriving industrial and
shipbuilding-based economy
Murray International Trust PLC 129
Directors
D Hardie (Chairman)
C Binyon
V. Holmes
A Mackesy (Senior Independent Director)
N Melhuish
Secretaries and Registered Office
abrdn Holdings Limited
1 George Street
Edinburgh EH2 2LL
E-mail: CEF.CoSec@abrdn.com
Registered in Scotland as an Investment
Company
Company Number SC006705
Website
murray-intl.co.uk
Points of Contact
The Chairman, the Senior Independent Director and the
Company Secretary at the registered office of the
Company
Email: DavidHardie.Chairman@abrdn.com
Manager
abrdn Investments Managers Limited
Customer Services Department: 0808 500 0040
(free when dialling from a UK landline)
AIFM
abrdn Fund Managers Limited
Broker
Stifel Nicolaus Europe Limited
Registrars
Link Group
10th Floor, Central Square
29 Wellington Street
Leeds LS1 4DL
Tel: 0371 664 0300
(lines are open 9.00am-5.30pm Mon-Fri)
Tel International: (+44 208 639 3399)
E-mail: enquiries@linkgroup.co.uk
Share portal: signalshares.com
Depositary
The Bank of New York Mellon (International) Limited
Independent Auditor
BDO LLP
United States Internal Revenue Service
FATCA Registration Number (GIIN)
8Y8Z2N.99999.SL.826
Legal Entity Identifier (LEI)
549300BP77JO5Y8LM5
Contact Addresses

murray-intl.co.uk
Murray International Trust PLC
A high conviction global portfolio designed to deliver
a strong and rising income and to grow capital
Annual Report
31 December 2022
For more information visit
murray-intl.co.uk