Investment Restrictions

BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

1 February 2017

Clarification of Investment Restrictions

Baker Steel Resources Trust Limited (the "Company") hereby clarifies its investment restrictions in respect of investment in other investment companies or investment trusts which are listed on the Official List of the UK Listing Authority (the "Official List").

No more than 10 per cent. in aggregate of the value of the gross assets of the Company may be invested in other listed closed-ended investment funds, except for those which themselves have stated investment strategies to invest no more than 15 per cent. of their gross assets in other listed closed-ended investment funds.

Additionally, the Company will itself not invest more than 15% of its gross assets in other investment companies or investment trusts which are listed on the Official List.

Enquiries:

Baker Steel Resources Trust Limited +44 20 7389 8237

Francis JohnstoneTrevor Steel

Numis Securities Limited +44 20 7260 1000

David Benda (corporate)

James Glass (sales)