Purpose

This document provides you with key information about this investment product. It is not marketing material. The information is
required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it
with similar products.

Product

Name: ATHELNEY TRUST PLC ORDINARY SHARES
ISIN: GB0000609296
Manufacturer: ATHELNEY TRUST PLC
Competent Authority: UK Financial Conduct Authority
Contact Details: www.athelneytrust.co.uk
Company Secretary: Debbie Warburton +44 (0)1326 378288
KID Updated: 31st December 2018

What is this product?

Type: This product is an investment trust company, which is a type of alternative investment fund.

Objective: The investment objective of the Trust is to provide shareholders with prospects of
long-term capital growth with the risks inherent in small cap. investment minimised through a
wide spread of holdings over various industries and sectors. The Fund Manager also considers
that it is highly important to maintain a progressive dividend record.

Intended Investor: This product is intended for Investors who are prepared to take on a relatively medium level of
risk of loss to their original capital in order to get a higher potential return .

What are the risks and what could I get in return?

The summary risk indicator is a guide to the level of risk of this product
compared to other similar products. It shows how likely it is that the
product will lose money because of movements in the markets or because
we are not able to pay you.
We have classified this product as 4 out of 7, which is a medium risk class.
This rates the potential losses from future performance at a medium level.
Poor market conditions will likely impact the value that will be returned to
you.

This product does not include any protection from
future market performance so you could lose some or
all of your investment. The shares in the investment
trust are listed on the London Stock Exchange and
their price is affected by supply and demand.

This classification is based on the volatility of the
product’s share price returns over 5 years.
If this product is not held for the recommended period
the potential risk may be significantly higher than the
one shown above.

This table shows the money you could get back over the next 5 years (recommended holding period), under different scenarios, assuming
that you invest £10,000. The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of
other similar products. The scenarios presented are an estimate of future performance based on evidence from the past and are not an exact
indicator. What you get will vary depending on how the market performs and how long you keep the investment. The stress scenario shows
what you might get back in extreme market circumstances, it does not take into account the situation where we are not able to pay you.
The figures shown include all the costs of the product itself, but may not include all the costs you pay to your adviser or distributor. The
figures do not take into account your personal tax situation, which may also affect how much you get back.

What happens if Athelney Trust Plc is unable to pay out?

Shares of the company are traded on the stock market, Athelney as a manager is not involved in this process and therefore its position
should not impact a settlement of a payment for the sale of shares. You may face financial loss should Athelney Trust Plc default on their
obligations. There is no compensation scheme in place which may offset, all or any of, this loss.

What are the costs?

The Reduction in Yield (RIY) shows what impact the total costs you pay may have on your investment return. The total costs take into
account one-off, ongoing and incidental costs.
The amounts shown here are the cummulative costs of the product itself, for three different holding periods. They include potential exit
penalties. The figures assume you invest £10,000. The figures are estimates and may change in the future.

Table 1: Costs over Time

The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information
about these costs. This will show you the impact that all costs will have on your investment.

Table 2: Composition of costs

The table below shows:

1. The impact each year of the different types of costs on the investment return you might get at the end of the recommended holding
   period.
2. The meaning of the different cost categories.

How long should I keep my investment and can I sell my shares early?

This product is intended as a long term investment, as such it is recommended holding the investment for a period of 5 or more years.
You may sell some or all of your shares in the product, without penalty, on any day on which shares are traded.

How can I complain?

If you have any complaints about the product or conduct of Athelney Trust Plc and or its officers you may lodge your complaint in
writing to:
The Company Secretary, Athelney Trust Plc, Waterside Court, Falmouth Road, Penryn, Cornwall, U.K. TR10 8AW.
Alternativley please contact The Company Secretary on +44 (0)1326 378288
If you have a complaint regarding your adviser or share dealer please contact them directly.

Other relevant information

We are required to provide further information, latest performance figures, Annual and Interim Accounts all of which are available on
our website at www.athelneytrust.co.uk
The cost, performance and risk calculations included in this KID follow the methodology prescribed by EU regulations.