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Form of Proxy

MERCHANTS TRUST PLC

Notes

No. Proposition For Against Abstain
1

TO RECEIVE AND ADOPT THE DIRECTORS REPORT AND THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 TOGETHER WITH THE AUDITORS REPORT THEREON

2

TO DECLARE A FINAL DIVIDEND OF 7.5P PER ORDINARY SHARE

3

TO RE-ELECT COLIN CLARK AS A DIRECTOR

4

TO RE-ELECT LISA EDGAR AS A DIRECTOR

5

TO ELECT NEIL GALLOWAY AS A DIRECTOR

6

TO RE-ELECT KAREN MCKELLAR AS A DIRECTOR

7

TO RE-ELECT MAL PATEL AS A DIRECTOR

8

TO APPROVE THE DIRECTORS REMUNERATION POLICY

9

TO APPROVE THE DIRECTORS REMUNERATION IMPLEMENTATION REPORT

10

TO APPOINT PRICEWATERHOUSECOOPERS LLP AS AUDITOR OF THE COMPANY, TO HOLD OFFICE UNTIL THE CONCLUSION OF THE NEXT GENERAL MEETING AT WHICH FINANCIAL STATEMENTS ARE LAID BEFORE THE COMPANY

11

TO AUTHORISE THE DIRECTORS TO DETERMINE THE REMUNERATION OF THE AUDITOR

12

THAT FOR THE PURPOSES OF SECTION 551 OF THE COMPANIES ACT 2006 THE DIRECTORS BE GENERALLY AND UNCONDITIONALLY AUTHORISED TO EXERCISE ALL THE POWERS OF THE COMPANY TO ALLOT RELEVANT SECURITIES (WITHIN THE MEANING OF THE SAID SECTION) UP TO A MAXIMUM NUMBER OF 49,474,962 ORDINARY SHARES PROVIDED

13

THAT THE DIRECTORS BE EMPOWERED IN ACCORDANCE WITH SECTION 570 OF THE COMPANIES ACT 2006 (THE ACT) TO ALLOT EQUITY SECURITIES (WITHIN THE MEANING OF SECTION 560 OF THE ACT) EITHER FOR CASH PURSUANT TO THE AUTHORITY CONFERRED BY RESOLUTION 12 OR BY WAY OF A SALE OF TREASURY SHARES AS IF SUB-SECTION

14

THAT THE COMPANY BE AND IS HEREBY GENERALLY AND 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 ORDINARY SHARES OF 25P EACH IN THE CAPITAL OF THE COMPANY (ORDINARY SHARES)