Having served on the Board for nine years as at December 2022, I will retire as a Director of INVESCO Perpetual UK Smaller Companies Investment Trust plc at the conclusion of the AGM to be held in June 2023. The Nomination Committee has reviewed the composition of the Board and its succession plan and announced that Bridget Guerin will be appointed Chairman of the Board and Chairman of the Nomination Committee on my retirement. As you will be aware, Bridget has been a non-executive director of Company for a number of years and the Board believes her understanding of the Company together with her broad experience of investment companies, venture capital companies and marketing demonstrate her strong credentials to lead the Company in the next phase of its development.

The Nomination Committee will shortly commence a search to find a new non-executive director and will report the results of this process to shareholders in due course.