In the last of the cyber security series, former City analyst Robin Hardy examines the opportunities in small caps, Are bombed-out retailers worth a second look? However, investment fundamentals are also important, and the Investment Manager may be prepared to pay what seems like a high price if it believes that long-term growth prospects are very strong. TEN LARGEST INVESTMENTS AS AT 28 FEBRUARY 2022 Any breach of the relevant eligibility conditions could lead to the Company losing investment trust status and being subject to corporation tax on capital gains realised within the Companys portfolio. Business disposals left the company with a net cash position (including rented assets) at the end of March 2020. The Company has largely fixed overheads which comprise a very small percentage of net assets. But, like COVID-19 before, it will take time for the wider implications to manifest themselves. The Companys policy on diversity is set out within the Annual Report and Financial Statements. The shortage of pasta and toilet rolls became shortages in critical components and semi-conductors. It is worth noting how many of these deals have corporate buyers rather than private equity, highlighting the increased confidence from management teams, and value they see in the UK market. The operational resilience of the Company and its key service providers (the Manager, Depositary, Custodian, Fund Administrator, Registrar and Broker) and their ability to continue to provide a good level of service for the foreseeable future; Stephen Clapham investigates. Oxford Instruments America Inc., NanoAnalysis group is the market leader in analytical equipment accessories for scanning electron and transmission electron microscopy. As a result, our exposure to corporate expenditure, whether that be through Capital Goods or Media has been increasing. Whilst there are no set limits on individual sector exposures against the Companys benchmark, a schedule of sector weightings is presented at each Board meeting for review. The Company does not invest in companies domiciled in Russia. Oxfords etching and deposition processes are used in a range of semiconductor devices, materials and applications. Holidays -We recognize 11 holidays this year. With a focus on the ongoing development, engagement and wellbeing of our people, we know we will continue to exceed customer expectations and drive change for the future. In this capacity, they will support related business units in delivering One Oxford Instruments campaigns and product launches to end-user customers through multiple channels in line with their business unit strategies. There has also been a marked improvement in free cash flow (FCF) generation since 2018, which has seen FCF margins improve significantly. Market capitalisation The Board considers asset allocation, stock selection and levels of gearing on a regular basis and has set investment restrictions and guidelines which are monitored and reported on by the Investment Manager. Note to recruitment agencies: Oxford Instruments operates a Preferred Supplier List, and we do not accept unsolicited agency CVs. Our 401k program has options for saving both pre-and post-tax dollars for retirement. 4 In Sterling terms with income reinvested. We therefore intend to hold the AGM in the normal way with physical attendance by shareholders. As far as the key driver of revenue generation is concerned, things have been going reasonably well. Corporate spending rose, mainly in response to fundamental changes in global supply chains and a drive to localise sourcing. All the while transient inflation has become less transitory, leading to a significant shift in expectations for interest rate rises. Unlike open-ended counterparts, closed-end funds are not obliged to sell down portfolio holdings at low valuations to meet liquidity requirements for redemptions. Employees start with 4 weeks ofPTO which is accruedeach pay period.. 10,514 It also works closely with BlackRocks risk team to assess the risks in the structure of the portfolio. Security As investors, we aim to identify opportunities that can deliver in the medium to long-term, so it is always pleasing when shares appear as top performers over a number of years. It represents the potential loss the Company might suffer through holding market positions in financial instruments in the face of market movements. With the outlook showing no signs of improvement, and no suggestion they will suddenly develop more pricing power, we have exited the position. 7.0% Shareholders who intend to attend the AGM should ensure that they have read and understood the venue requirements for entry to the AGM. The era of easy money, low rates, and supportive fiscal policy gave way to rising rates and tax rises. In common with most other investment trust companies, the Company has no employees. Oxford Instruments requires all employees to be fully vaccinated by their first day of work. (ex Investment Companies) Index) Whilst we have a fundamental bottom-up investment process, by default that stock selection aggregates up to produce sector exposures. If shareholders would like to contact me, please write to BlackRock Smaller Companies Trust plc, Exchange Place One, 1 Semple Street, Edinburgh EH3 8BL marked for the attention of the Chairman. Where once we were worried about lockdowns, we moved onto the pingdemic. The Investment Managers approach in determining the optimal exposure to AIM investments is to focus on the merits of the underlying company and to seek value rather than to focus on the exchange on which the holding is listed or traded. INVESTMENT MANAGERS REPORT Over the same period your Companys share price on a total return basis with income reinvested rose by 0.9%1,2compared with the FTSE AIM All-Share Index which fell by 11.3%1, the FTSE 250 Index which rose by 2.9%1and the FTSE 100 Index which rose by 19.2%1. Oxford Instruments is not responsible for any fees related to unsolicited CVs. In accordance with provision 31 of the 2018 UK Corporate Governance Code, the Directors have assessed the prospects of the Company over a longer period than the 12 months referred to by the Going Concern guidelines. The outlook for the Company in the next twelve months is discussed in the Chairmans Statement and the Investment Managers Report above. The Company is a public company limited by shares and carries on business as an investment trust and its principal activity is portfolio investment. the terms of the transaction were not disclosed. In such event the investment returns of the Company may be adversely affected. In an environment of rising costs, it is paramount that businesses have pricing power. Holdings will be sold if there are concerns that the investment case has changed in a negative way. Who are Oxford Instruments's competitors? As previously announced, Mr James Barnes joined the Board with effect from 31 July 2021 and Ms Helen Sinclair joined with effect from 1 March 2022. To achieve its investment objective the Company invests predominantly in UK smaller companies with securities admitted to trading on the Main Market of the London Stock Exchange or on AIM. The chart also demonstrates that while the yield on the Companys shares was much lower at the beginning of the period, over time the Companys dividend has grown at a much faster rate than open-ended UK income fund competitors. It is the Boards intention that net gearing will not exceed 15% of the net assets of the Company at the time of the drawdown of the relevant borrowings. At Oxford Instruments, we enable the world's leading industrial companies and scientific research communities to image, analyse and manipulate materials down to the atomic and molecular level. Details of the Companys performance including the dividend are set out in the Chairmans Statement above. In particular, the investment policy has been expanded to clarify that (as previously stated in the investment philosophy section of the Strategic Report) the general aim is for portfolio holdings not to exceed 3% of the Companys net assets (excluding cash fund investments held for cash management purposes) at the time of purchase and that no single portfolio holding (excluding holdings in cash fund investments held for cash management purposes) will, on the date such holding is acquired by the Company, exceed 5% of the Companys net asset value. Investment requirements in this business are low as most of the R&D spend is expensed against revenues, but the company has made significant improvements in cash collection from customers and reduced its working capital requirements. Oxford has a broad spectrum of capability and expertise.

Profitability has been on the rise in recent years and margins have also been improving. The Board reviews on a regular basis an assessment of the fraud risks that the Company could potentially be exposed to, and also a summary of the controls put in place by the Manager, the Depositary, the Custodian, the Fund Accountant and the Registrar designed specifically to mitigate these risks. Variable rate funding consists of a 35 million three-year revolving loan facility with SMBC Bank International plc and an uncommitted overdraft facility of 10 million with The Bank of New York Mellon (International) Limited. In relation to the UK Code, the Board is confident that the procedures that the Company has put in place are sufficient to ensure that the necessary monitoring of risks and controls has been carried out throughout the reporting period. Whilst some of this may be post COVID-19 catch up, most is a response to fundamental changes in global supply chains. Additionally, the Board regularly reviews many indices and ratios to understand the impact on the Companys relative performance of the various components such as asset allocation and stock selection. 18,415 Financial risk Notwithstanding this fact, it is pleasing to note that current year revenues are just 5.0% lower than the more comparable earnings per share of 37.13 pence for the year to 29 February 2020. This has seen it sell out of businesses in recent years, as well as making acquisitions. These results should be seen in the context of continued and significant market volatility. The Company is exposed to a variety of risks and uncertainties.

At Oxford Instruments, we enable the world's leading industrial companies and scientific research communities to image, analyse and manipulate materials down to the atomic and molecular level. The war in Europe makes any forecast of future results more than usually difficult. Sadly, we expect these difficult conditions for Joules to continue, and have sold the position. INVESTMENT PHILOSOPHY They will develop localized ideas and lead generation strategies to help drive revenue and margin through increased lead generation and conversion tracking. This involves creating an inclusive environment and culture, where difference is valued and people are recognized for what they deliver and bring to the team. Assist regional sales teams in increasing brand awareness regionally and driving leads and opportunities for the Americas sales region. By way of illustration, the interest cost for the 7.75% 15 million debenture that matures in July this year amounts to 1.2 million per annum; the equivalent cost for 15 million at the rate of the most recent Long Dated Note issued in September 2021 of 2.47% (which may be used to repay the debenture) equates to just 0.4 million, a saving of 0.8 million (9 basis points of NAV based on asset values at 28 February 2022). Where initial expectations are disappointed, the holding will be sold. The companies we invest in have proved themselves through numerous cycles, and we consider that there is no reason to suggest they will be incapable of doing so in 2022. Two years ago these statements would have sounded unusual, yet now they are an everyday part of our lives, such has been the change since COVID-19 first entered our lives. As needed, the AS will work closely with Marketing as well as other Oxford Instruments (OI) Departments and Business Units to aid with strategic planning and projects. Over the course of 2020 and through to the present time, the COVID-19 pandemic has given rise to unprecedented challenges for businesses across the globe and the Board has taken into consideration the risks posed to the Company by the crisis and incorporated these into the Companys risk register. 11,970 Oxford Instruments is currently looking to fill a new remote position: Territory Sales Manager - WiTec / Raman Microscopy | Central US .