Change of Investment Management Arrangements

To: RNS

From: Mid Wynd International Investment Trust plc

LEI: 549300D32517C2M3A561

Date: 27 June 2023

This announcement contains inside information for the purposes of Article 7 of the UK version of EU Market Abuse Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended ("UK MAR") and is being disclosed in accordance with the Company's obligations under Article 17 of UK MAR. Upon publication of this announcement, this inside information is now considered to be in the public domain. This announcement has been authorised for release by the Company's Board of Directors.

27 June 2023

Mid Wynd International Investment Trust plc (the "Company" or "Mid Wynd")

Change of Investment Management Arrangements

Further to the Company's announcement of 24 February 2023 relating to personnel changes at the Company's investment manager, Artemis Fund Managers Limited, the Board confirms that it has undertaken a review of the Company's investment management arrangements. Following this review, the Board of the Company is pleased to announce that it intends to appoint Lazard Asset Management LLC as the Company's alternative investment fund manager ("AIFM") and Lazard Asset Management Limited as its investment manager (together "Lazard").

The Board of the Company appointed Barnett Waddingham to assist it in a review of the Company's investment management arrangements. The Board invited proposals from a number of experienced fund management groups and proposals were carefully reviewed alongside the Company's current management arrangements. The Board would like to thank all those who participated in the process, including the current management team (who the Board would also like to thank for their successful stewardship of the Company's assets).

Lazard Asset Management is a global investment firm, currently managing approximately £160 billion of assets for professional and institutional clients which include charities, foundations, family offices, high-net worth individuals, and trusts.

With global equities at its heart, Lazard's Global Quality Growth strategy was considered to align well with the Company's ethos. The Company has always sought to invest, at the right valuations, in companies which have potential to compound investors' capital at attractive and sustainable rates. The Board believes that the team behind the Lazard Global Quality Growth strategy will continue with this approach to investment which is considered to have stood Company shareholders in good stead for so long. The Lazard proposition therefore met the Board's criteria for an investment manager which could deliver strong investment outcomes and bring a fresh and relevant proposition to investors, whilst safeguarding the Company's culture and history.

In conjunction with the appointment of Lazard, the Company intends to appoint a third-party company secretary and administrator.

The investment objective and policy of the Company is to remain unchanged.

The Board believes the change in investment manager will provide the following benefits:

- Potential for strong and repeatable investment performance. Over the ten-year period to end March 2023, the Lazard Global Quality Growth strategy delivered an annualised gross return of 11.10% compared to the MSCI World ACW Index return of 8.06%. *

- Deep resource capability. Lazard is a large global fund management house with the Lazard Global Quality Growth strategy being supported by Lazard's extensive fundamental research team of global sector specialists.

- Management fee change. The headline level of the investment management fee is lower and whilst there will be separate charges for company secretarial/administration services the Company's ongoing charges figure is expected to reduce under the new arrangements.

- Broad marketing support. Lazard bring with them broad contacts throughout the wealth management industry which are expected to assist in raising awareness and appeal of the Company.

Further information on Lazard

Lazard

With a history dating back to 1848, Lazard has long held a preeminent position in the global financial marketplace. Lazard Asset Management is known for its global view on investing and vast experience with global, regional, and domestic portfolios. With more than 300 investment personnel and offices in 24 cities across 17 countries, it offers investors a range of traditional and alternative investment solutions.

Global Growth Strategy

The Lazard Global Quality Growth strategy aims to invest in some of the best businesses in the world - companies which the team believe have sustainable competitive advantages that can generate consistently high returns on capital and that can reinvest in their business to drive future growth.

Team

A team-based approach to portfolio management allows Lazard to deliver robust and consistent performance over time. The Lazard team have worked together on this strategy for over 10 years. The principal portfolio managers for the Company are expected to be:

Louis Florentin-Lee - Managing Director and Global Equity Portfolio Manager/Analyst, and co-manager of the Lazard Global Quality Growth strategy. He was formerly the co-Portfolio Manager/Analyst for the Lazard European Explorer Fund between 2004 and 2010. Louis began working in the investment industry in 1996.

Barnaby Wilson - Managing Director and Global Equity Portfolio Manager/Analyst, and co-manager of the Lazard Global Quality Growth strategy. He began working in the investment industry in 1998.

Details on the appointment of Lazard

Lazard will receive an annual management fee of 0.40 per cent. of the market capitalisation of the Company up to £250 million; 0.38% of the market capitalisation between £250 million and £500 million; and 0.32% above £500 million. Lazard will waive its fee for the first three months under the new investment management agreement.

The investment management agreement shall be terminable by either party serving six months' notice.

Expected timing

Subject to completion of contract and relevant FCA notifications, it is expected that Lazard be appointed as the Company's alternative investment fund manager with effect from Q4 2023.

Russell Napier, Chairman, commented:

"We are delighted to appoint Lazard and their Global Quality Growth team, headed by Louis Florentin-Lee and Barnaby Wilson, as managers of Mid Wynd. The team has produced strong performance through their disciplined approach and also a resilience of relative returns through very different market conditions. Identifying those companies that continue to invest at high rates of return for much longer periods than the market anticipates is an approach which the Board believes will continue to reward long-term investors."

Jeremy Taylor, Managing Director and CEO of Lazard Asset Management Limited, commented:

"We are honoured to have been appointed as Mid Wynd's investment manager. We share a commitment to providing consistently excellent returns for our clients. Investing in companies with high financial productivity that trade at attractive valuations is a hallmark of our investment approach. We are pleased to be able to bring this to Mid Wynd's extensive shareholder base and look forward to partnering with Mid Wynd's Board with the aim to deliver strong investment results and increase shareholder value."

Mark Murray, Senior Partner of Artemis, commented:

"We are proud of the returns we have produced for the Company's shareholders since 2014. We wish the Company and its shareholders well."

For further information please contact:

Mid Wynd International Investment Trust plc

Russell Napier (Chairman)

Via the Company Secretary

0131 225 7300

*Past performance cannot be relied on as a guide to future performance.