Result of EGM

BAKER STEEL RESOURCES TRUST LIMITED

5 JANUARY 2016

RESULT OF EGM

Result of EGM

The Board of Baker Steel Resources Trust Limited (the "Company") are pleased to announce that at the Extraordinary General Meeting of the Company held at Arnold House, St. Julian's Avenue, St Peter Port, Guernsey GY1 3NF at 9.30 a.m. on Monday, 4 January 2016 all of the resolutions, as set out in the shareholder circular dated 18 December 2015, were duly passed.

Amendment to the Company's investment policy

The Company's investment policy has been amended in order to enable it to increase its existing investment in the Polar Silver Group so that such investment may represent up to 35 per cent in aggregate of the value of the Company's gross assets at the time of the relevant transaction.

Adoption of the New Articles

The New Articles have been adopted and provide the Company with additional flexibility with regard to the composition of the Board and the location of future Board meetings.

Enquiries:

Baker Steel Resources Trust Limited

+44 20 7389 8237

Francis Johnstone

Trevor Steel

Numis Securities Limited

+44 20 7260 1000

David Benda / Nathan Brown (corporate)

James Glass (sales)