Company Announcements

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which forms part of domestic law in the United Kingdom pursuant to The European Union Withdrawal Act 2018, as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.

9 September 2024

Keystone Positive Change Investment Trust plc ("Keystone" or the "Company")

Legal Entity Identifier: 5493002H3JXLXLIGC563

Company Update

In early 2021, Keystone shareholders (the "Shareholders") approved the Company's adoption of Baillie Gifford's "Positive Change" strategy, which seeks to generate attractive long term capital returns and to contribute towards a more sustainable and inclusive world.

Although the Board remains confident in the long term prospects for the strategy, it recognises that there has been a challenging period of performance during a difficult backdrop for the investment trust sector.

Over the last 12 months, the Board has taken several steps with a view to enhancing value for Shareholders including commencing a share buyback programme, introducing a continuation vote and increasing marketing activity.

The Board has nonetheless concluded that the interests of Shareholders may be best served by implementing a transaction in the near term to address the size of the Company, the low liquidity in the Company's shares and the discount at which they have been trading, while enabling Shareholders to retain exposure to a global impact strategy.

The Board therefore intends to consult more widely with Shareholders and to explore the Company's options which include a rollover into the Baillie Gifford Positive Change Fund, an FCA authorised open-ended investment company with assets of c.£1.8bn, substantially all of which is invested in the same portfolio of listed equities as the Company.

Shareholders should note that any Board proposal would need to take into account the illiquidity of the Company's five private company investments, which comprised c.4.3% of the portfolio as at 31 August 2024.

The Board intends that any proposal would include a cash exit option at a modest discount to the Company's net asset value, such value factoring in the private company investments noted above.

The Board would welcome Shareholders' feedback on the above update, via the email address provided below.

A further announcement will be made in due course.

For further information please contact:

Karen Brade, Keystone Chair

Email: trustenquiries@bailliegifford.com

Nathan Brown / Matt Goss, Deutsche Numis

Tel: 020 7260 1426/1642

Naomi Cherry / Alex Blake, Baillie Gifford

Tel: 0131 275 2000

Jonathan Atkins, Director, Four Communications

Tel: 0203 920 0555 or 07872 495396