Smithson Investment Trust PLC

Smithson Investment Trust plc is a United Kingdom-based externally managed investment trust. The Company aims to provide shareholders with long term growth in value through exposure to a diversified portfolio of shares issued by listed or traded companies. The Company’s investment policy is to invest in shares issued by small and mid (SMID) sized companies with a market capitalization (at the time of initial investment) of between £500 million and £15 billion on a long-term, global basis. The Company's approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies. It will pursue its investment policy by investing in approximately 25 to 40 companies. The Company is focused on long term capital growth and overall return rather than seeking any particular level of dividend. The Company will only declare dividends to the extent required to maintain the Company’s tax status as an investment trust. Its investments are managed by Fundsmith LLP.