SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")

Share Repurchase Programme and Commercial Update

Share Repurchase Programme

The Company announces that it has appointed J.P. Morgan Securities plc to act as its broker in respect of a share repurchase programme (the "Share Repurchase Programme") to repurchase ordinary shares of £0.01 ("Ordinary Shares") in the Company. Though the Company has the authority to repurchase up to 35,883,800 of its Ordinary Shares (representing circa 14.99 per cent. of the Company's issued share capital), the Company can confirm that it is not planning on fully utilising this authority with the proposed Share Repurchase Programme. No maximum consideration payable has been determined by the Company, but the Company is unable to pay a price for any shares pursuant to the buy-back which would equate to a premium on the net asset value. The repurchase may be funded from the Company's resources.

The Share Repurchase Programme is in accordance with Chapter 12 of the FCA Listing Rules and the Company's general authority to repurchase shares.

The Company is updating its disclosure policy to include on a regulatory information services (RIS) details of its share repurchase powers which it renews annually. It is expected similar announcements will be made every time the share repurchase authority is renewed.

Commercial update

The Board is pleased by the positive developments within the portfolio during the year to 30 June 2023:

·    Investment activity has been robust, with a total of 11 companies successfully closing investment rounds.

·    The majority of rounds were led by new external investors, with SSIT participating in two-thirds of the rounds.

·    Six of the Company's investments were made at higher valuations relative to previous rounds, versus only one at a lower valuation.

·    This positive investment activity demonstrates the continued strength of the portfolio companies and the increasing market recognition of their potential.

The SSIT portfolio remains well capitalised into the medium-term and the Board is confident that the Company's existing £35m cash reserve will be able to support the expected fundraise requirements of the portfolio over the next 12-18 months.

The Company expects to provide a more detailed update on trading once the Q2 2023 portfolio company quarterly reporting cycle is completed, ahead of publishing its full-year results in October.

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Media Enquiries

Notes to Editors:

About Seraphim Space Investment Trust plc

Seraphim Space Investment Trust plc (the "Company") is the world's first listed fund focused on SpaceTech. The Company seeks exposure predominantly to early and growth stage private financed SpaceTech businesses that have the potential to dominate globally and that are sector leaders with first mover advantages in areas such as climate, communications, mobility and cyber security.

The Company is listed on the Premium Segment of the London Stock Exchange.

Further information is available at:  https://investors.seraphim.vc

About Seraphim Space Manager LLP

Seraphim Space Manager LLP ("Seraphim" or the "Manager") is based in the UK and manages Seraphim Space Investment Trust plc.

Further information is available at:  www.seraphim.vc

About Seraphim Space Camp Accelerator Ltd

Seraphim Space Camp Accelerator Ltd, an affiliate of Seraphim Space Manager LLP based in the UK, established the Seraphim Space Accelerator in 2018 and has developed it to become the world-leading VC-led accelerator with a focus on SpaceTech. The accelerator programme brings in-depth industry expertise to get Seed and Pre-Series A SpaceTech companies "investment ready" while facilitating relationships with some of the world's leading Space corporates and agencies.

Further information is available at:  www.seraphim.vc

About Generation Space LLC

Generation Space LLC is the US subsidiary of Seraphim Space Manager LLP and is responsible for its US activities. Generation Space LLC is an affiliate of Seraphim Space Camp Accelerator Ltd and is responsible for delivery of the US Generation Space Accelerator.

Further information is available at: www.generation.space