Engine Capital Calls on Smiths Group plc’s Board of Directors to Publicly Commit to Strategic Alternatives Process

Asserts that Smiths Has Persistently Traded at a ‘Conglomerate Discount’ to its Sum of the Parts and its Segment-Level Peers Despite Strong Financials and Operating Performance

Believes a Sale of the Entire Company or its Four Businesses Could Deliver a Significant Premium to Smiths’ Current Share Price

Cautions the Board and New CEO Roland Carter Against Pursuing Material Acquisitions While Maintaining its Conglomerate Structure

Engine Capital LP (together with its affiliates, "Engine" or "we"), a meaningful shareholder of Smiths Group plc (LSE: SMIN) (the “Company”), today sent a letter calling on the Company’s Board of Directors to publicly commit to a strategic alternatives process aimed at a sale to maximize value for shareholders.

The letter can be viewed and downloaded here.

About Engine Capital

Engine Capital LP is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.

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