Smithson Investment Trust PLC

The Smithson Investment Trust plc. (the "Fund") investment policy is to invest in shares issued by small and mid ("SMID") sized listed or traded companies globally with a market capitalisation (at the time of initial investment) within the range of the constituents of the MSCI World SMID Index. The Fund’s approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies. Accordingly, it will pursue its investment policy by investing in approximately 25 to 40 companies.