FORM 40-F

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Exhibit 99.1

SMART Technologies Inc.

ANNUAL INFORMATION FORM

For the fiscal year ended

March 31, 2012

Date: June 22, 2012

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General Interpretation Matters

Unless the context otherwise requires, all references to the “Company,” “SMART,” “SMART Technologies,” “we,” “our,” “us” or similar terms refers to SMART Technologies Inc. and its subsidiaries. Because our fiscal year ends on March 31, references to a fiscal year refer to the fiscal year ended March 31 of the same calendar year. For example, when we refer to fiscal 2012, we mean our fiscal year ended March 31, 2012. All references to “$” and “dollars” in this Annual Information Form (“AIF”) mean United States (“U.S.”) dollars, unless otherwise indicated.

Special Note Regarding Forward-Looking Statements and Industry Data

Some of the statements in this AIF may include forward-looking statements that reflect our current views with respect to future events and financial performance. These statements include forward-looking statements both with respect to us specifically and to the technology product industry and business, demographic and other matters in general. Statements that include the words “expanding,” “expect,” “increase,” “intend,” “plan,” “believe,” “project,” “estimate,” “anticipate,” “may,” “will,” “continue,” “further,” “seek” and similar words or statements of a future or forward-looking nature identify forward-looking statements for purposes of the applicable securities laws or otherwise.

All forward-looking statements address matters that involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors and assumptions that could cause our actual results and other circumstances and events to differ materially from those indicated in these statements. We believe that these factors and assumptions include, but are not limited to, the following:

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If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. The foregoing list should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in this AIF, including “Risk Factors.” Although we believe that the assumptions inherent in the forward-looking statements contained in this AIF are reasonable, undue reliance should not be placed on these statements, which only apply as of the date hereof. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Unless otherwise indicated, information contained in this AIF concerning our industry and the markets in which we operate, including our general expectations and market position, market opportunity and market share is based on information from independent industry organizations such as Futuresource Consulting Ltd. (“Futuresource”), other third-party sources (including industry publications, surveys and forecasts) and management estimates. The Futuresource report used in this AIF is the Interactive Whiteboards and Interactive Flat Panel Displays in the Education and Corporate Sectors: Quarterly Insight, Quarter 1, May 21, 2012. Interactive display in the Futuresource report collectively refers to the product categories of interactive whiteboards and interactive flat panels.

Unless otherwise indicated, management estimates are derived from publicly available information released by independent industry analysts and third-party sources, as well as data from our internal research, and are based on assumptions made by us from such data and our knowledge of such industry and markets, which we believe to be reasonable. Our internal research has not been verified by any independent source, and we have not independently verified any third-party information. While we believe the market position, market opportunity and market share information included in this AIF is generally reliable, such information is inherently imprecise. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in “Risk Factors.” These and other factors could cause results to differ materially from those expressed in the estimates made by independent industry analysts and third-party sources and by us.

Corporate Structure

The Company was incorporated under the Business Corporations Act (Alberta) (“ABCA”), on June 11, 2007. On February 26, 2010, we changed our name from SMART Technologies (Holdings) Inc. to SMART Technologies Inc.

On May 13, 2010, our board of directors (the “Board of Directors”) approved a reorganization of the capital of the Company, described under “2010 Corporate Reorganization.” As part of this reorganization, SMART Technologies Inc. amalgamated with School Amalco Ltd. on June 8, 2010 to form an amalgamated corporation pursuant to the ABCA, which continued under the name SMART Technologies Inc.

Our principal executive office and registered office are located at 3636 Research Road NW, Calgary, Alberta, Canada, T2L 1Y1.

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Intercorporate Relationships

The Company has one direct material subsidiary, SMART Technologies ULC, which is wholly owned by the Company. With the exception of one non-material entity, SMART Technologies ULC is the parent company of our domestic and international subsidiaries, all of which are wholly owned, directly or indirectly, by SMART Technologies ULC.

Material subsidiaries of the Company include the following:

General Development of the Business

Since the Company was co-founded in 1987 by David Martin and Nancy Knowlton, our Chairman and Vice Chair, respectively, SMART Technologies has become the leading provider of collaboration solutions that change the way the world works and learns and is the global leader in the interactive display product category.

Product and business developments that have influenced the general development of the Company’s business over the last three fiscal years are as follows:

Fiscal 2012

In August 2011, we announced the transfer of the remainder of our interactive display assembly operations from our leased facility in Ottawa, Canada, to existing contract manufacturers. This decision reflected our ongoing strategy to reduce costs in all areas of our operations. The transition was completed by March 31, 2012.

Our Board of Directors approved a share repurchase program and normal course issuer bid for the purchase and cancellation of up to 4,000,000 of our Class A Subordinate Voting Shares in August 2011. By March 31, 2012, we had repurchased for cancellation 2,327,486 Class A Subordinate Voting Shares at an average price of $4.19 per share for a total purchase price of $9.8 million.

In July 2011, we entered into an agreement with a contract manufacturer to assemble SMART Board ^® interactive whiteboards in China, for customers in the Asia region and Russia.

The Company also made significant debt repayments in fiscal 2012. During fiscal 2012, the remaining balance of $45.0 million of the Second lien facility was repaid.

In fiscal 2012, SMART introduced the following new product offerings and features:

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Fiscal 2011

As part of our strategy to expand our market position in optical touch technology, we acquired Next Holdings Limited (“NextWindow”) on April 21, 2010. NextWindow designs and manufactures components for optical touch screens for integration into electronic displays, including PC displays. We are integrating NextWindow’s technologies with ours to accelerate innovation in our interactive displays. The acquisition consideration for NextWindow was $82.0 million, including $8.0 million of cash held by NextWindow at the date of acquisition.

On May 13, 2010, in preparation for our initial public offering (“IPO”), our Board of Directors approved a reorganization of the capital of the Company that we refer to as the “2010 Reorganization.” Through a series of

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transactions, the 2010 Reorganization resulted in the repayment of $8.0 million of the shareholder note payable and the effective conversion of the shareholder note payable and cumulative preferred shares, together with all accrued interest and accumulated dividends thereon, as well as all our other outstanding shares into Class B Shares, Class A Subordinate Voting Shares and Preferred Shares. The 2010 Reorganization was completed prior to and in conjunction with the closing of our IPO on July 20, 2010. At this time, the newly created Preferred Shares were converted into Class B Shares and Class A Subordinate Voting Shares and are therefore no longer outstanding.

On July 20, 2010, we completed our IPO and issued 8,800,000 Class A Subordinate Voting Shares resulting in proceeds to us of $134.3 million net of underwriting commissions and other offering expenses. Concurrently, existing shareholders sold an aggregate of 30,030,000 Class A Subordinate Voting Shares in the IPO. We repaid $19.2 million of our term construction facility and $40.0 million of our unsecured term loan with proceeds from the IPO. In conjunction with our IPO, we implemented an Equity Incentive Plan that provides for the awarding of stock option grants, restricted share units and deferred share units to directors, officers, employees, consultants and service providers of SMART and its subsidiaries.

In December 2010, we entered into an agreement with a contract manufacturer in Mexico to assemble SMART Board interactive whiteboards for customers in the United States, the Caribbean and Latin America.

The Company also made significant debt repayments during fiscal 2011. In September 2010, the remaining balances of the unsecured term loan, the term construction facility and the construction loan were repaid in full. During the remainder of fiscal 2011, $55.0 million of our Second lien facility was repaid.

In fiscal 2011, SMART launched the following new product offerings and features:

Fiscal 2010

In May 2009, SMART opened its new global headquarters in Calgary, Alberta. The 205,000 sq. ft. (19,000 m ² ) building provides space for almost 1,000 employees and features 90 meeting and collaboration rooms equipped with SMART’s products.

Through the first six months of fiscal 2010, we continued to resolve issues remaining from the enterprise resource planning (“ERP”) system implementation in fiscal 2009. By the end of the second quarter of fiscal 2010, we had substantially resolved all material issues associated with the ERP system.

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In fiscal 2010, SMART launched several new product offerings and features:

Description of the Business

Company Overview

SMART Technologies Inc. is a leading provider of collaboration solutions that change the way the world works and learns. As the global leader in interactive whiteboards, our focus is on developing a variety of easy-to-use, integrated solutions that free people from their desks and computer screens, making collaboration and learning with digital resources more natural. Our products have transformed teaching and learning in more than two million classrooms worldwide, reaching over 40 million students and their teachers. In business, our Freestorm visual collaboration solutions improve the way that people work and collaborate, enabling them to be more productive and reduce costs.

At the core is SMART’s flagship interactive display with solutions specifically designed for both education and business. SMART’s collaborative learning solutions for education combine collaboration software with a comprehensive line of interactive displays and other complementary hardware, accessories and services that enhance learning in a variety of ways. SMART’s Freestorm visual collaboration solutions for business include a set of comprehensive business products that combine industry-leading interactive displays, powerful collaboration software and dispersed collaboration options.

We generate our revenue from the sale of these technology products and integrated solutions, including hardware, software and services. Our global expansion has led to our products being used in more than 175 countries worldwide through our distributor and dealer network to the education, business and government markets. Although we do not sell to them directly, we consider these end users to be our customers. We estimate that approximately 85% of our sales are to customers in the education market and the other 15% to customers in the business and government markets.

Industry Background

Interactive Displays

The interactive whiteboard involves the use of a large-format display that enables users to collaborate, control computer applications, write in digital ink and interact with information in real time. SMART pioneered the interactive whiteboard product category, selling the first interactive whiteboard in 1991. Since then, SMART has sold more than two million interactive whiteboards worldwide. As technology progressed over the last two

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decades, the interactive display product category has evolved to include a wide array of products. Our interactive displays include SMART Board interactive whiteboard systems and associated projectors, SMART Board interactive flat panels, appliance-based interactive displays, the SMART Board interactive overlay, the SMART Podium interactive pen display and the SMART Table ^® interactive learning center.

As we define it, an interactive display enables teachers, students and meeting participants to view and interact with presentations and information in real time, both locally and remotely. Because of its network connectivity capability, interoperability with multiple related attachment solutions and central physical location, an interactive display can serve as the focal point for interaction and collaboration in classrooms, meeting rooms and even virtual spaces. In addition to being an important standalone collaboration tool, interactive displays can integrate with other technology, including unified communications and collaboration technology, and video, web and audio conferencing, to enable groups to work more efficiently, reduce travel costs and collaborate more effectively.

We believe that significant opportunities exist in the education and business and government markets for interactive displays and their related complementary products. According to Futuresource, business and government markets currently represent less than 11% of global interactive display sales. We believe that our products enable more effective meetings and increase efficiency in the enterprise.

The Education Market

The education market has been the most active in adopting interactive display solutions, most notably interactive whiteboards. In education from 2004 to 2011 inclusive, SMART led with over 45% interactive whiteboard category share, which is more than double its nearest competitor. We believe this success is a result of the benefits that SMART’s collaborative learning solutions provide to teachers, students and administrators, which include the following:

Third-party research suggests that interactive whiteboards can positively affect student engagement, motivation, understanding and review processes and can accommodate students with different learning styles, including those with special needs. For instance, in one study in the United Kingdom, many students who had been taught using an interactive whiteboard over a two-year period made additional progress of up to 7.5 months, as measured by national test scores, compared with their peers who had not been taught with an interactive whiteboard.

In spite of declines in North American revenue related to funding constraints in the U.S. education market, we have seen revenue growth in other areas such as Europe, the Middle East and Africa and we believe that the opportunity for interactive displays in the education market is large considering that global penetration rates of

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interactive displays in the classroom are still low. Futuresource estimates that there are approximately 31 million teaching spaces in the world, with a global interactive display penetration rate of only 12% as of December 31, 2011. In addition, it estimates that most other large countries in Europe, Asia and Latin America currently have far lower penetration of interactive displays in classrooms than do the United States (44%) and the United Kingdom (80%). As such, we believe that these markets represent significant opportunities for future growth.

The Business and Government Markets

The business and government markets for interactive displays represent an attractive opportunity for SMART because of the desire of companies and government agencies to improve the quality of collaboration and enable a more effective and productive workforce. In meeting rooms, SMART solutions can help achieve the following:

In business training rooms, interactive displays can offer benefits similar to those in classrooms.

Currently, there is a low adoption rate for interactive displays in the business and government markets. We believe that a substantial opportunity exists in these markets, especially for integrated, interactive flat panels and other related collaboration solutions tailored to the needs of this market. With a combination of powerful, easy-to-use software, an interactive display becomes the focal point of meeting or training rooms.

Touch Technology Currently Being Adopted Beyond Interactive Whiteboards

Interactive finger touch is now a mainstream user expectation when it comes to digital displays. This expectation has been demonstrated with the excitement that new touch screen smartphones and tablets, such as Apple’s iPad, generate upon their launch. Many technology manufacturers are including and introducing interactive touch in their product offerings (such as desktop computers, laptops, notebooks, small-format displays, tablets and mobile phones) to differentiate their products and cater to this new user expectation. In addition, interactive touch is being incorporated into a broader range of products, such as digital retail signage, directories and kiosks. Similarly, gesture-based interactive technology is also gaining in popularity due to console gaming systems.

Customers

We currently sell our interactive displays through our reseller network to the education, business and government markets. Although we do not sell to these end users directly, we consider them to be our customers. We estimate that the education market accounted for approximately 85% of our revenue in fiscal 2012, while the business and government markets accounted for the remainder of our revenue. In addition, we currently sell our optical touch components to manufacturers that seek to bring to market interactive touch products beyond interactive displays.

Education – Examples of our customers in the education sector include North American educators at the New York City Board of Education, the Orange County Department of Education and Ohio State University. International customers in the education sector include the Federal State of Hamburg, Germany, the Mexican Secretariat of Public Education and the Latin American Educational Communication Institute. Futuresource

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estimates that 44% of all U.S. classrooms have interactive displays and that our market share of the interactive display product category is 65% in the U.S. and 45% worldwide for the year ended March 31, 2012.

Business – Examples of our customers in the business sector include Cisco Systems, Inc., Ernst & Young, General Electric Company, Microsoft Corporation and British Telecommunications plc.

Government – Examples of our customers in the government sector include the National Aeronautics and Space Administration (NASA), European Defense and Space Company N.V. (EADS) and the U.S. State Department Foreign Service Institute (FSI).

Products and Solutions

SMART offers comprehensive solutions for education and business that are helping to transform the way the world works and learns by making it easy to collaborate in extraordinary ways. As of March 2012, more than two million SMART Board interactive whiteboards have been sold around the world.

All SMART products offer similar important benefits:

SMART in education

SMART collaborative learning solutions are easy to adopt, use, integrate and implement. They combine collaboration software with a comprehensive line of interactive displays, curriculum and assessment products, and implementation and maintenance products and services. Together, they provide flexible solutions that can enhance learning for every style of learner in a variety of learning environments.

At the core is SMART Notebook collaborative learning software, our widely used software application that makes it easy for teachers to create engaging lessons and collaborative exercises for K–12 learning environments. The software is used by over 40 million students and their teachers around the world and has been downloaded on over six million computers.

SMART Notebook software is integrated with SMART’s full line of interactive displays. The software also integrates with or complements all of our curriculum, assessment and implementation and maintenance products.

Products for education

Collaboration software

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A broad line of interactive displays

We offer the following interactive whiteboard models and integrated systems when combined with one of four different integrated projector models:

800 series – A touch-enabled interactive whiteboard that offers touch gestures and multitouch, multiuser capabilities for a truly collaborative user experience.

600 series – Our most popular product, this high-quality interactive whiteboard provides an intuitive user experience and is touch enabled.

400 series – This entry-level interactive whiteboard is touch enabled and offers an engaging user experience.

SMART Projectors – A line of easy-to-install, integrated short- and ultra-short-throw projectors that display bright, vibrant content while minimizing shadow and glare.

A wide range of curriculum, software and assessment products, resources and integrated hardware

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Implementation and maintenance products

SMART in business

Freestorm visual collaboration solutions combine the tools businesses need to transform the way their teams collaborate – and make meetings more productive. We offer a full range of touch-sensitive interactive displays combined with intuitive software, remote conferencing capabilities, interoperability and comprehensive services to increase engagement and foster effective teamwork.

Freestorm solutions bring together five key components of successful visual collaboration:

Intuitive interactive displays

Freestorm visual collaboration solutions start with SMART’s industry-leading large-format interactive displays. By combining interactivity with the simplicity of familiar meeting room tools, Freestorm can help business teams transform virtually any space into an active collaboration setting.

Powerful collaboration software

Freestorm visual collaboration solutions are based on intuitive software that makes it easy to share information, capture ideas and determine next steps. The software features virtually unlimited digital whiteboard space, the ability to write notes over any application, options for saving work and integration with Microsoft Exchange.

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Dispersed collaboration options

Freestorm visual collaboration solutions make it easy to connect with dispersed teams and individuals around the world. From Bridgit conferencing software to interoperability with the remote-connectivity products businesses already use, Freestorm enables colleagues and customers to fully participate in collaboration sessions from virtually anywhere.

Comprehensive services

SMART’s support, software maintenance and education services are designed to ensure Freestorm visual collaboration solutions are implemented successfully and continue operating at peak performance, giving business teams the ability to work to their full potential.

Industry compatibility

Freestorm visual collaboration solutions are integrated with Microsoft Office and support a growing list of industry-specific software products, adding the natural experience of touch interfaces and digital ink to the applications businesses use every day.

Products for business

Our portfolio of products also includes

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Competition

We are engaged in an industry that is highly competitive. Because our industry is evolving and characterized by technological change, it is difficult for us to predict whether, when and by whom new competing technologies may be introduced or when new competitors may enter the market. We face increased competition from companies with strong positions in certain markets we currently serve and in new markets and regions we may enter. These companies manufacture and/or distribute new, disruptive or substitute products that compete for the pool of available funds that previously could have been spent on interactive displays and associated products. We compete with other interactive display developers such as Promethean World Plc, currently our principal competitor, Hitachi, Ltd., LG Electronics, Inc., Panasonic Corporation, Samsung Electronics Co., and Sharp Corporation. We also compete with interactive projector developers such as Seiko Epson Corp. and Dell Inc. Additionally, makers of personal computer technologies, tablets, television screens, smart phones and other technology companies such as Apple Inc., Cisco Systems, Inc., Dell Inc., Hewlett-Packard Company, Google Inc., Microsoft Corporation and Polycom, Inc. have provided, and continue to provide, integrated solutions that include interactive learning and collaboration features substantially similar to those offered by our products or to promote their existing technologies and alternative products as substitutes for our products. Many of our current and potential future competitors have significantly greater financial and other resources than we do and have spent, and may continue to spend, significant amounts of resources to try to enter the market. In addition, low cost competitors have appeared in China and other countries.

Some of our customers are required to purchase software and hardware by soliciting proposals from a number of sources and, in some cases, are required to purchase from the lowest bidder. While we attempt to price our products competitively based upon the relative features they offer, our competitors’ prices and other factors, we are often not the lowest bidder and may lose sales to lower bidders. When we are the successful bidder, it is most often as a result of our products being perceived as providing better value to the customer. Our ability to provide better value to the customer depends on continually enhancing our current products and developing new products at competitive prices and in a timely manner.

Competitors may be able to respond to new or emerging technologies and changes in customer requirements more effectively than we can, or devote greater resources to the development, promotion and sale of products than we can. Current and potential competitors may establish cooperative relationships among themselves or with third parties, including through mergers or acquisitions, to increase the ability of their products to address the needs of our current or prospective customers.

We believe that the following strengths position us well to compete effectively:

Interactive whiteboard pioneer and established global category leader – We are the global leader in the interactive display product category, having introduced the world’s first interactive whiteboard in 1991. We believe we offer the most complete and integrated solution of interactive display technologies for schools and businesses. According to Futuresource, for the year ended March 31, 2012, our share of the category was 65% in the United States and 45% worldwide.

Our focus on a compelling user experience – While technologically sophisticated, our products are intuitive, easy to use, highly reliable and can seamlessly integrate with our complementary products and the products of many third parties. Our focus on the end user has been integral to our organization and culture since our inception. As a result, we have an established team of product developers and usability experts whose priority throughout the innovation process is the customer experience.

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Large and growing ecosystem – As a result of our category-leading position in interactive whiteboards and our broad user base in education, many end users and professional content developers work with SMART Notebook collaborative learning software to develop content for education, such as lessons with integrated multimedia. In many cases, this content is freely shared through content-sharing websites, and increasingly is also being sold by content developers as supplementary materials or as part of a textbook offering. In business, we have formed alliances with enterprise market leaders and enabled integration with widely adopted unified communication and collaboration solutions, such as Alcatel-Lucent, Cisco and Microsoft.

Portfolio of innovative solutions – We have more than 20 years of innovation experience. We have developed several generations of proprietary optical touch technology and solutions. Our commitment to innovation and technological advancement has resulted in 89 patents issued in the United States, 96 patents issued in other countries and approximately 568 patent applications pending worldwide as of March 31, 2012. In fiscal 2012 we announced four new models of collaboration systems for business, the SMART Board 400 series interactive overlay, our Freestorm visual collaboration solutions including the SMART Board 8055i interactive flat panel, the LightRaise 40wi interactive projector and SMART Notebook 11 collaborative learning software.

Premier brand – We believe that SMART is the most recognized brand name in the interactive display product category. In order to gain this large mindshare in education, we have consciously built our portfolio of products and solutions around the SMART brand so that schools, businesses and government agencies can expect the same intuitive use, value and integration from all our products. We believe that word-of-mouth recommendations from customers and established online communities are key contributors to our strong brand.

Large and loyal user base – Based on our current installed base in primary and secondary education and an assumed average classroom size of 24 students, we estimate that at least 40 million students and their teachers currently use SMART Board interactive whiteboards and other SMART products worldwide. We believe that our users are loyal to the SMART Board interactive whiteboard because of their familiarity and comfort with operating our products, their investment in creating materials specifically for use with our products and the overall quality of their user experience. We also believe that many students who have learned on a SMART Board interactive whiteboard will prefer to continue learning and collaborating with similar technology in higher education or the workforce and that our large and loyal customer base will be a source of demand for our products from these market sectors in the future.

Well-established global distribution network – We have spent almost 20 years building our global network of approximately 325 direct dealers and distributors. Our reseller network continues to grow as we add specialized and knowledgeable dealers for the business market. We believe that this network will help us to further penetrate the business market since many of our resellers already sell to business accounts. We also believe that our strong global network of knowledgeable resellers is a critical competitive advantage as we seek to increase our revenue generated outside of North America and the United Kingdom. SMART is investing and increasing its presence in new markets such as India and continental Europe, where widespread adoption of interactive displays has not yet occurred.

Sales and Distribution

We have two sales and distribution models depending on geographic location.

In the United States and Canada, we use a one-tier structure that currently includes approximately 250 dealers. We sell our products and solutions to these dealers, who then resell our products directly to our end users. Under rare circumstances we occasionally sell directly to end users.

In the rest of the world, we use a two-tiered system, through approximately 75 distributors. These distributors primarily sell our products to dealers, who in turn sell to end users. Although our dealers and most of our distributors are not contractually required to sell our products exclusively, we believe that they currently do not sell competing interactive whiteboards. For the year ended March 31, 2012, the largest 50 North American

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dealers and international distributors accounted for approximately 70% of our global revenue and no individual reseller represented more than 6% of our revenue.

Production

All our components and finished products are manufactured or assembled, in whole or in part by a limited number of third parties. Most of these third parties are located outside of Canada and the United States. Final assembly of our interactive whiteboard products is currently performed by contract manufacturers in Eastern Europe, Mexico and China.

For our complementary hardware products, our involvement in the design process for products manufactured by third parties varies. For certain products we control the entire design process internally and then outsource manufacturing and assembly in order to achieve lower production costs or build products in specific regions. For other products we work with original equipment manufacturers (“OEMs”) and original design manufacturers (“ODMs”) during the design process to create the product and then introduce into production, typically using their production processes.

We contract most of our warehouse and logistics functions to third parties in Europe, Asia and North America. These third parties warehouse our products, ship orders on our behalf and perform certain other, product-return and product-upgrade functions.

We generally control sourcing decisions for key materials and services that are incorporated into SMART’s products. We are heavily involved in negotiating pricing of materials and services. Depending on market conditions, we may order more or less of a particular material or service and attempt to source components. We work to source products and components from a network of approved suppliers with a view to managing supply chain risk and competitiveness. Component availability and pricing of components may also be affected by the volumes the Company generates, compared to the volumes a competitor may require.

Facilities

We own and occupy our 205,000 square foot (19,000 m ² ) global headquarters building in Calgary, Canada, which is used for substantially all of our operations. We also lease 20,400 square feet (1,900 m ² ) of additional space in Calgary, which we use for custom solutions and prototype development.

Our office and warehouse space in Ottawa, Canada has 258,000 square feet (24,000 m ² ) of space. Certain product development, procurement and logistics functions currently occupy the office space. The warehouse space is currently available for sublease as a result of the transfer of the remainder of our interactive whiteboard assembly operations from our leased facility to existing contract manufacturers.

In addition to offices in the United States, Canada and New Zealand, we maintain offices in Brazil, China, France, Germany, India, Japan, Singapore, the United Arab Emirates and the United Kingdom.

We have established promotional, marketing and support structures in 18 countries globally to support our distributors in those regions. This is part of our global expansion and strategy to penetrate markets outside of our core North America market. In some locations we have sales offices while in others our teams telecommute.

Intellectual Property

The Company’s commercial success depends to a significant degree on its ability to develop new or improved technologies and products, and to obtain patents or other intellectual property rights or statutory protection for these technologies and products in Canada, the U.S. and other countries. We seek to patent concepts, components, processes, designs and methods, and other inventions and technologies that we consider to have commercial value or that will likely give us a technological advantage. We own rights in patent and patent applications for technologies relating to interactive whiteboards and other complementary products in Canada, the U.S., Japan, New Zealand and other countries.

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In addition to patents, we rely on a combination of copyrights, trademarks, trade secrets and other related laws and confidentiality procedures and contractual provisions to protect, maintain and enforce our proprietary technology and intellectual property rights.

To broadly protect SMART’s inventions, the Company has in-house patent professionals and also consults with outside patent attorneys who interact with employees, review invention disclosures and prepare patent applications on a broad array of core technologies and competencies. As a result, SMART owns rights to an array of patented and patent pending technologies relating to interactive whiteboards and collaboration solutions technology.

It is SMART’s general practice to enter into confidentiality and non-disclosure agreements with its employees, consultants, contract manufacturers, customers, potential customers and others to attempt to limit access to and distribution of its proprietary information. In addition, the Company generally enters into agreements with employees that include an assignment to the Company of all intellectual property developed in the course of employment.

SMART also enters into various types of licensing agreements related to technology and intellectual property rights. SMART may enter agreements to obtain rights that may be necessary to produce and sell its products and the Company may also license its technology and intellectual property to third parties through various licensing agreements.

We actively attempt to protect, maintain and enforce our intellectual property rights as we determine appropriate and have initiated litigations against companies that we believe have infringed or violated our intellectual property rights.

Employees

As of March 31, 2012, we had 1,110 employees in Canada, 140 in the United States and 275 in other countries. No employees are represented by a labor union or covered by a collective bargaining agreement.

2010 Corporate Reorganization

On May 13, 2010, our Board of Directors approved a reorganization of the capital of the Company. Through a series of transactions including a payment on May 25, 2010 of $8.0 million on the shareholder note payable, the 2010 Reorganization resulted in the shareholder note payable and the cumulative preferred shares, together with all accrued interest and accumulated dividends thereon, as well as our existing share capital being effectively converted into new share capital. At the completion of the 2010 Reorganization, our share capital consisted of 433,676,686 Class A Preferred Shares, 170,089,800 Class B Shares and 10,957,191 Class A Subordinate Voting Shares. As part of the 2010 Reorganization, the Company amalgamated with a successor corporation to School 3 ULC, a corporation that, prior to giving effect to the 2010 Reorganization, held all of the outstanding non-voting common shares. This series of transactions was completed on June 8, 2010. On June 24, 2010, the Company affected a one-for-two reverse stock split for both the Class A Subordinate Voting Shares and the Class B Shares. In July 2010, in connection with our IPO, all the issued and outstanding Class A Preferred Shares were converted into Class B or Class A Subordinate Voting Shares and the Class A Preferred Shares were removed from the authorized share capital of the Company.

After the completion of both the 2010 Reorganization and the IPO, authorized share capital consists of an unlimited number of Class A Subordinate Voting Shares, an unlimited number of Class B Shares and an unlimited number of Preferred Shares. After completion of the IPO there were issued and outstanding 44,308,596 Class A Subordinate Voting Shares, 79,464,195 Class B Shares and no Preferred Shares.

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Risk Factors

The Company is subject to securities class action litigation in the United States and Canada and could incur significant litigation related expenses in defending or settling these claims. If such claims are not settled, an adverse determination against the Company could result in significant damage awards or other remedies against the Company.

The Company is a named defendant in putative class actions filed in the United States and Canada on behalf of the purchasers of the Class A Subordinate Voting Shares sold in the IPO. These proceedings have been and are expected to continue to be costly and time consuming and could divert the attention of management and key personnel from the Company’s business operations. The complexity of the issues involved and the inherent uncertainty of securities litigation increases these risks. In recognition of these considerations, the Company may decide to settle these claims, and the amounts of such settlements may be material. If the Company is unsuccessful in its defense of the claims or is unable to settle the claims, the Company may be faced with significant monetary damages or injunctive relief against it that could have a material adverse effect on the Company’s business, operating results and financial condition.

Additional information regarding all other Risk Factors is disclosed in Management’s Discussion and Analysis (“MD&A”), for the fiscal year ended March 31, 2012, as filed on May 17, 2012, which is incorporated by reference into this AIF. The MD&A is not contained within, or attached to this AIF, and the MD&A may be accessed by the reader of this AIF on SEDAR at www.sedar.com. This AIF must be read together with the MD&A in order to provide full, true and plain disclosure of all material facts related to our company’s risk factors.

Dividend Policy

We do not anticipate paying any cash dividends in the foreseeable future. We anticipate that we will retain all our available funds for use in the operation of our business. Any future determination to pay cash dividends will be at the discretion of our Board of Directors and will depend on our financial condition, operating results, current and anticipated cash needs, plans for expansion and other factors that our Board of Directors considers to be relevant. Our ability to pay dividends is restricted by covenants in our outstanding credit facilities and may be further restricted by covenants in any instruments and agreements that we may enter into in the future.

Description of Capital Structure

The following is a description of the material terms of our Class A Subordinate Voting Shares, Class B Shares and Preferred Shares as set forth in our articles and bylaws, certain agreements affecting the rights of certain of our shareholders and certain related sections of the ABCA, the Delaware General Business Corporation Law (“DGCL”), and certain other Canadian laws as may be applicable.

Our authorized share capital consists of an unlimited number of Class A Subordinate Voting Shares, an unlimited number of Class B Shares and an unlimited number of Preferred Shares issuable in series.

As of March 31, 2012, we have issued and outstanding 41,981,110 Class A Subordinate Voting Shares, 79,464,195 Class B Shares and no Preferred Shares. Pursuant to our articles we cannot issue additional Class B Shares without the consent of 100% of the holders of our Class B Shares.

Class A Subordinate Voting Shares and Class B Shares

Except as otherwise described herein, the Class A Subordinate Voting Shares and Class B Shares are equal in all respects and will be treated as shares of a single class.

Shareholder Meetings; Voting

Each holder of Class B Shares and each holder of Class A Subordinate Voting Shares is entitled to receive notice of and attend all meetings of our shareholders, except meetings at which only holders of another particular class

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or series have the right to vote. At each such meeting, each Class B Share entitles its holder to 10 votes and each Class A Subordinate Voting Share entitles its holder to one vote, voting together as a single class, except as otherwise described below or in the ABCA.

Certain Class Votes

So long as any Class B Shares are outstanding, we may not effect any of the following without the consent of the holders of at least two-thirds (and in the case of the last two bullets below, 100%) of the outstanding Class B Shares, voting separately as a class:

Dividends; Rights on Liquidation, Dissolution or Winding Up

The Class A Subordinate Voting Shares and the Class B Shares rank pari passu, share for share, as to the right to receive dividends and to receive our remaining property and assets on a liquidation, dissolution or winding up. The holders of our Class A Subordinate Voting Shares and Class B Shares are entitled to

The Class A Subordinate Voting Shares and the Class B Shares are subject to and subordinate to the rights, privileges, restrictions and conditions attaching to the Preferred Shares.

Conversion

Each Class B Share is convertible at any time, at the option of the holder, into one Class A Subordinate Voting Share. The Class A Subordinate Voting Shares are not convertible into any other class of shares.

Our Class B Shares may be held only by certain “permitted holders,” a term which generally refers to the original holder of such Class B Shares and to certain entities controlled by that original holder as follows:

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Upon the sale, transfer, assignment or other conveyance of Class B Shares to a person that is not a permitted holder with respect to such Class B Shares, such Class B Shares will automatically convert to Class A Subordinate Voting Shares.

All Class B Shares owned by a permitted holder will convert automatically into Class A Subordinate Voting Shares upon the first to occur of

In addition, all Class B Shares, regardless of the holder thereof, will convert automatically into Class A Subordinate Voting Shares upon the first to occur of such time as Nancy Knowlton and David Martin (together or individually) do not beneficially own and exercise control and direction over, directly or indirectly, more than 50% of the voting shares of IFF or any successor of IFF; or such time as neither Nancy Knowlton nor David Martin is our employee, officer or director.

Preferred Shares

We are authorized to issue without shareholder approval except as described in the next sentence, an unlimited number of Preferred Shares, issuable in one or more series, and, subject to the provisions of the ABCA, having such designations, rights, privileges, restrictions and conditions, including dividend and voting rights, as our Board of Directors may determine, and such rights and privileges, including dividend and voting rights, may be superior to those of the Class A Subordinate Voting Shares and Class B Shares. Any issuance of shares of any class or series that entitle the holders thereof to more than one vote per share requires the prior approval of the holders of 100% of our Class B shareholders. As of the date hereof, no Preferred Shares are outstanding.

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Market for Securities

Class A Subordinate Voting Shares

The Company’s Class A Subordinate Voting Shares trade on the Toronto Stock Exchange (“TSX”), under the symbol “SMA” and the NASDAQ Global Select Market (“NASDAQ”), under the symbol “SMT.”

The following table sets out the volume of trading and price ranges of the Company’s Class A Subordinate Voting Shares on the TSX and NASDAQ.

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The following table sets forth information regarding beneficial ownership of our shares as of March 31, 2012 by each person known by us to be the beneficial owner of more than 10% of our shares and our directors and officers as a group.

Additional Disclosure for Directors and Officers

No director or executive officer of the Company is, as at June 22, 2012 or has been within the 10 years prior to June 22, 2012, a director, chief executive officer or chief financial officer of any company (including SMART), that

None of the directors, executive officers or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company,

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Conflicts of Interest

To the knowledge of the Company, no director or executive officer of the Company has an existing or potential conflict of interest with the Company or any of its subsidiaries.

Legal Proceedings and Regulatory Actions

Securities Class Actions

Since December 2010, several putative class action complaints against the Company and other parties have been filed in the U.S. District Courts in New York and Illinois on behalf of the purchasers of the Class A Subordinate Voting Shares in the Company’s IPO. The complaints alleged certain violations of federal securities laws in connection with the IPO. The New York actions were subsequently dismissed voluntarily. Pursuant to the provisions governing class action litigation as set out in the Private Securities Litigation Reform Act of 1995, in June 2011, the U.S. District Court for the Northern District of Illinois appointed, as Lead Plaintiff, the City of Miami General Employees’ and Sanitation Employees’ Retirement Trust. In October 2011, the Court granted the defendants’ motion to transfer the case to the U.S. District Court for the Southern District of New York where it is now pending. A consolidated amended class action complaint was filed in November 2011. A motion to dismiss the case was filed by the defendants in the New York court on January 6, 2012 and, on April 3, 2012, the Court granted in part and denied in part the motion. A Second Amended Complaint was filed on April 23, 2012 and the Company filed a motion to dismiss the amended claims on May 11, 2012. That motion is pending in the New York court.

In February 2011, a class proceeding was commenced in the Ontario Superior Court of Justice on behalf of purchasers of the Class A Subordinate Voting Shares issued in conjunction with the IPO. A second class proceeding was subsequently initiated by the same law firm with an Ontario-based plaintiff. Originally, the plaintiffs indicated that they would consolidate the two actions; however, they have now applied to stay the first and will be proceeding only with the second action. The hearing to determine whether the matter will be certified to proceed as a class action is scheduled for December 2012.

In September 2011, an additional putative class proceeding was commenced in the Superior Court of the State of California, County of San Francisco on behalf of purchasers of the Class A Subordinate Voting Shares. The Company is of the view that this proceeding is not materially different than the aforementioned matter being heard in the Southern District of New York. In October 2011, the defendants removed the case to the U.S. District Court for the Northern District of California. Thereafter, the defendants filed a motion to transfer the case to the U.S. District Court for the Southern District of New York, and the plaintiffs filed a motion to remand the case to California state court. Both motions are pending.

All of the claims in Canada and the United States are essentially based on the allegation that the Company misrepresented or omitted to fully disclose demand for its products.

The foregoing litigation proceedings are in their early stages. As a result, the Company is not able to make any determination with respect to the likelihood or amount of any damages that might be awarded against the Company with such proceedings (or any related proceedings).

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Indemnities and Guarantees

In the normal course of business, the Company enters into guarantees that provide indemnification and guarantees to counterparties to secure sales agreements and purchase commitments. Should the Company be required to act under such agreements, it is expected that no material loss would result.

As a result of the U.S. and Canadian class action IPO litigations, as described in the “Securities Class Actions” section above, the Company may be required, subject to certain limitations, to indemnify the following parties: the underwriters pursuant to the underwriting agreement entered into in connection with the IPO; Intel Corporation, Apax Partners and IFF pursuant to a registration rights agreement entered into in 2007 and amended and restated in connection with the IPO; and the directors and officers of SMART Technologies Inc. pursuant to indemnification agreements entered into by the Company and each director and officer on or about the time of their appointment to their respective office.

Other Litigation

In addition to the putative class action complaints described above under “Securities Class Actions,” the Company is involved in various other claims and litigation arising in the normal course of business. While the outcome of these other matters is uncertain and there can be no assurance that such matters will be resolved in the Company’s favor, the Company does not currently believe that the outcome of such other claims and litigation, or the amounts which the Company may be required to pay by reason thereof, would have a material adverse impact on its financial position, results of operations or liquidity.

Interest of Management and Others in Material Transactions

Since April 1, 2009, we have entered into the following transactions and agreements with our principal shareholders, our executive officers and our directors.

2010 Reorganization

The 2010 Reorganization was completed immediately prior to the IPO on July 20, 2010. The 2010 Reorganization is described under “2010 Corporate Reorganization.”

Construction Loan from IFF

In order to finance a portion of the costs associated with the construction of our headquarters in 2008, one of our subsidiaries entered into a loan and indemnity agreement (the “Loan and Indemnity Agreement”) with IFF and our co-founders David Martin and Nancy Knowlton. The Loan and Indemnity Agreement provided for a loan to our subsidiary that bore interest at a variable rate of 200 basis points above the prime rate of interest published by the Bank of Canada. In September 2010, the construction loan pursuant to the Loan and Indemnity Agreement was repaid in full.

Registration Rights

In connection with the investment in our company by Apax Partners in 2007, we entered into a registration rights agreement with Intel Corporation, Apax Partners and IFF, which was amended and restated in connection with the IPO. Those holders of our outstanding Class B Shares will be entitled under the amended and restated registration rights agreement to certain rights with respect to the registration under the securities laws of the United States and/or the securities laws of the provinces and territories of Canada of the Class A Subordinate Voting Shares owned beneficially by them or into which their Class B Shares are convertible, which are referred to as “registrable securities” in the registration rights agreement, as follows.

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Underwritten Demand Registration Rights

Each of Intel Corporation, Apax Partners and IFF may request that we register for an underwritten offering no less than $50 million of registrable securities, referred to as “underwritten demands”. Upon their request, we must, subject to some restrictions and limitations, prepare and file a registration statement in the United States and/or Canadian prospectus within the time periods specified in the registration rights agreement and use commercially reasonable efforts to cause that registration statement or Canadian prospectus covering the sale of the number of shares of registrable securities that are subject to the request to become effective or cleared by the applicable Canadian Securities Commissions. The underwriters of an underwritten offering will have the right to limit the number of shares to be underwritten, subject to certain restrictions, for reasons relating to the marketing of the shares.

Shelf Registration Rights

Commencing on or about July 14, 2011, each of Apax Partners, Intel Corporation and IFF, may request that we file a shelf registration statement and/or Canadian shelf prospectus covering the resale of no less than $50 million of registrable securities. Upon their request, we must, subject to some restrictions and limitations, prepare and file a shelf registration statement in the United States and/or Canadian shelf prospectus within the time periods specified in the registration rights agreement and use commercially reasonable efforts to cause that shelf registration statement or Canadian shelf prospectus covering the sale of the number of shares of registrable securities that are subject to the request to become effective or cleared by the applicable Canadian and U.S. regulations.

Each of Apax Partners, Intel Corporation and IFF are entitled to request that we effect underwritten offerings pursuant to such shelf registration statement or Canadian shelf prospectus, referred to as “underwritten takedowns.” Each of Intel Corporation, Apax Partners and IFF is entitled to request no more than a total of three underwritten demands or underwritten takedowns. The underwriters of an underwritten offering will have the right to limit the number of shares to be underwritten, subject to certain restrictions, for reasons relating to the marketing of the shares.

Piggyback Registration Rights

Subject to certain exceptions, if we propose to register any of our Class A Subordinate Voting Shares or equity securities convertible into or exchangeable for our Class A Subordinate Voting Shares under the applicable U.S. securities or the applicable securities laws of any province of Canada, the holders of registrable securities will be entitled to notice of the registration and to include their shares of registrable securities in the registration. If our proposed registration involves an underwriting, the underwriters of such offering will have the right to limit the number of shares to be underwritten, subject to certain restrictions, for reasons relating to the marketing of the shares.

Securityholders Agreement

In connection with the IPO, we and the holders of our Class B Shares, Apax Partners, Intel Corporation and IFF entered into a securityholders agreement which provides that such holders will, until the termination of the securityholders agreement, vote their Class B Shares so as to ensure that our Board of Directors consist of a total of seven directors, with two directors nominated by IFF and one director nominated by each of Apax Partners and Intel Corporation. The securityholders agreement also prohibits any amendment of our articles of incorporation or by-laws without the unanimous consent of the holders of our Class B Shares.

Director and Officer Indemnification

Our bylaws contain provisions for the indemnification of our directors and officers. Additionally we have entered into indemnity agreements with all our directors and executive officers. We have also entered into indemnity

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agreements with certain officers and key employees of our main operating subsidiary, SMART Technologies ULC, and other affiliated companies.

Employment Agreements

We have entered into employment agreements with our executive officers.

Participant Equity Loan Plan

Each of our executive officers purchased shares pursuant to our Participant Equity Loan Plan, under which the Company had loaned funds for the purpose of allowing them to purchase common shares of the Company. These loans were repaid in full prior to the IPO.

Amended and Restated Equity Incentive Plan

Each of our executive officers has been granted stock options, restricted share units and performance share units pursuant to the Amended and Restated Equity Incentive Plan. Independent directors of the Company have also been granted deferred share units, and in the case of Messrs Mueller and Hagerty, stock options were granted at the time of the IPO.

Procedures for Related Party Transactions

We have a Related Persons Transactions Policy that governs transactions between us and certain related parties, including our executive officers and directors.

Transfer Agents and Registrars

The Company’s transfer agent and registrar in Canada is Computershare Trust Company of Canada at its principal offices in Toronto, Ontario and Calgary, Alberta. The Company’s transfer agent and registrar in the United States is Computershare Trust Company N.A., 350 Indiana Street, Suite 800, Golden, Colorado 80401.

Material Contracts

Other than as already disclosed on SEDAR, the Company has not entered into any material contracts, on or after January  1, 2002, that are required to be filed pursuant to NI 51-102 of the Canadian Securities Administrators.

Interests of Experts

KPMG LLP (“KPMG”) are the external auditors who prepared the Independent Auditors’ Reports to the Shareholders and Board of Directors in respect of the annual consolidated financial statements of the Company for the year ended March 31, 2012.

As of March 31, 2012, KPMG have confirmed that they are independent with respect to the Company within the meaning of the Rules of Professional Conduct of the Institute of Chartered Accountants of Alberta and within the meaning of the U.S. Securities Act of 1933 and the applicable rules and regulation thereunder adopted by the Securities and Exchange Commission and the Public Company Accounting Oversight Board (United States).

Audit Committee

Audit Committee Charter

The Charter for the Company’s Audit Committee is attached as Appendix A to this AIF.

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Composition of the Audit Committee

As of March 31, 2012, members of the Audit Committee were Michael J. Mueller (Chair), Robert C. Hagerty and David B. Sutcliffe. Salim Nathoo was a member of the Audit Committee from April 1 to June 22, 2011 whereupon he ceased to be a member of the Audit Committee when David B. Sutcliffe was appointed to the Board of Directors and the Audit Committee on June 22, 2011. Each current member of the Audit Committee is financially literate.

Under the rules of the NASDAQ and of the Canadian provincial securities regulators, all the members of our audit committee were required to be independent directors by the first anniversary of the date of our IPO that was completed on July 20, 2010. As of and from June 22, 2011, all the members of our Audit Committee were independent directors.

Relevant Education and Experience of Members of the Audit Committee

Michael J. Mueller

Mr. Mueller has been a director of the Company since July 2010. Mr. Mueller retired from the audit firm PwC in 2007 as the Global Leader of PwC’s Private Company Services/Middle Market Practice. From his appointment as Partner in 1979 through 2007, Mr. Mueller served PwC in various other capacities, including Managing Partner, National Managing Partner and a member of PwC’s Global Markets Council, Global Advisory Leadership Team and Global Audit Leadership Team. He currently serves on the Board of Directors of Hydro One Inc., an electricity transmission and distribution company in Ontario, Canada. Mr. Mueller is a Chartered Accountant and a Chartered Business Valuator.

Robert C. Hagerty

Mr. Hagerty has been a director of the Company since July 2010. He is currently the CEO and a Director of iControl, Inc. and serves on the Board of Directors of Plantronics, Inc. and Eye IO, LLC. He had been Advisor to Polycom, Inc. from May 2010 to May 2011. Mr. Hagerty served Polycom in various executive capacities from 1997 through 2010, including as Director and President from January 1997; Director, CEO and President from July 1998; and Chairman, Director, CEO and President from March 2000 to May 2010. Prior to joining Polycom, Mr. Hagerty served as President of Stylus Assets, Ltd. He has also held several key executive management positions with Logitech, Inc., Conner Peripherals Inc., Signal Corporation and Digital Equipment Corporation. Mr. Hagerty holds a BS in operations research and industrial engineering from the University of Massachusetts and an MA in management from St. Mary’s College of California.

David B. Sutcliffe

Mr. Sutcliffe was appointed to the Board of Directors and the Audit Committee on June 22, 2011. He is currently a Corporate Director, previously serving as CEO of Sierra Wireless, Inc. from May 1995 through October 2005. He has over 25 years of experience in the high-technology industry, including assignments as President and CEO of Xillix Technologies Corp., Vice-President and Business Unit Manager with Motorola Inc.’s Mobile Data Division and as Vice President and Business Unit Manager with Sydney Development Corporation. Mr. Sutcliffe holds the ICD.D certification from the Institute of Corporate Directors.

Salim Nathoo

Mr. Nathoo has been a director of the Company since August 2007, following Apax Partners’ investment in the Company. Mr. Nathoo is a Partner and global co-head of Apax Partners’ technology and telecom team. He joined Apax Partners in 1999. From 1995 to 1999, Mr. Nathoo was with McKinsey & Company, an international management consulting firm, in various capacities. He currently also serves on the Board of Directors of iGATE Patni, a NASDAQ listed IT services company. Mr. Nathoo holds an MBA from INSEAD and an MA in

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Mathematics from the University of Cambridge. Mr. Nathoo ceased to be a member of the Audit Committee on June 22, 2011.

Pre-Approval Policies and Procedures

The Audit Committee has the sole authority to pre-approve all audit and permitted non-audit services provided by the independent auditor. In addition, we have adopted an audit and non-audit services pre-approval policy which sets forth the procedures and conditions pursuant to which services proposed to be performed by our independent auditor must be pre-approved. The policy provides that before our independent auditor may be engaged to render a service, the proposed services may be either pre- approved without consideration of specific case-by-case services by the audit committee; or require specific pre-approval of the committee. For both types of pre-approval, the audit committee considers whether such services are consistent with the SEC’s, the Canadian securities regulators’ and the Public Company Accounting Oversight Board’s rules on auditor independence. The Audit Committee also considers whether the independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its understanding and knowledge of our business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance our ability to manage or control risk or improve audit quality.

The Audit Committee annually reviews and pre-approves the services that may be provided by the independent auditor pursuant to the audit and non-audit services pre-approval policy. The Audit Committee may add to or delete from the list of pre-approved services from time to time, based on subsequent determinations.

Audit Fees

The audit fees described above were billed for professional services rendered by KPMG for the audit of the Company’s annual financial statements and services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for those fiscal years.

Audit-Related Fees

There were no fees billed by KPMG during the fiscal years ended March 31, 2012 and 2011 for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements and that are not reported as “audit fees” above.

Tax Services

The tax services described above were billed for professional services rendered by KPMG for tax compliance and tax planning advice. The tax services provided by KPMG for fiscal year ended March 31, 2011 also included tax advisory services with respect to the IPO, the acquisition of Next Holdings Limited and transfer pricing.

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All Other Fees

Other than as described above, there were no other fees billed by KPMG during the fiscal years ended March 31, 2012 and 2011.

Audit Committee Pre-Approval

All services provided by KPMG during the fiscal years ended March 31, 2012 and 2011 were pre-approved by the audit committee.

Additional Information

Additional information related to the Company can be found on SEDAR at www.sedar.com, on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on our external website at www.smarttech.com. Additional financial information is provided in the Company’s audited consolidated financial statements and the Company’s MD&A for the year ended March 31, 2012, which can be found at www.sedar.com.

Additional information, including directors’ and officers’ remuneration and indebtedness to the Company, principal holders of the securities of the Company and securities authorized for issuance under equity compensation plans, is contained in the Company’s management information circular dated June 22, 2012, which can be found at www.sedar.com.

^© 2012 SMART Technologies. All rights reserved. SMART Board, DViT, LightRaise, SMART Notebook, Freestorm, SMART Meeting Pro, SMART Ink, Bridgit, SMART Podium, SMART Slate, SMART Response, SMART Table, SMART Exchange, SMART GoWire, SMART Document Camera, SMART Audio, SMART Notebook Express, SMART Sync, SMART Ideas, smarttech and the SMART logo are trademarks or registered trademarks of SMART Technologies in the U.S. and/or other countries. Microsoft is either a registered trademark or a trademark of Microsoft Corporation in the U.S. and/or other countries. All third-party product and company names are for identification purposes only and may be trademarks of their respective owners.

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APPENDIX A

AUDIT COMMITTEE CHARTER

The Audit Committee (the “Committee”) is a committee of the Board of Directors (the “Board”) of SMART Technologies Inc. (the “Company”). Its primary function is to oversee the accounting, treasury, financial reporting and risk management processes, and the reviews and audits of the financial statements of the Company.

The Committee will assist the Board in fulfilling the Board’s oversight responsibilities by monitoring, among other things:

The Committee will provide an avenue of communication among the auditors, management and the Board.

The Committee will report to the Board.

The Committee will consist of not less than three and not more than five directors, as the Board may determine. All Committee members must qualify as independent directors (i) pursuant to National Instrument 52-110 Audit Committees (as implemented by the Canadian Securities Administrators and as amended from time to time) (“NI 52-110”), subject to transitional rules for new reporting issuers, (ii) pursuant to the listing standards of The Nasdaq Stock Market (the “NASDAQ”), and (iii) otherwise satisfy the applicable requirements for audit committee service imposed by the Securities Exchange Act of 1934, as amended (together with the rules promulgated thereunder, the “Exchange Act”) or the NASDAQ, provided that the Board may elect to take advantage of any exception from such requirements provided in the NASDAQ rules.

All members of the Committee must be financially literate, as defined in NI 52-110. At least one member must have accounting or related financial managerial expertise and, in particular, must have (i) education and experience as a principal financial officer, principal accounting officer, controller, public accountant or auditor or experience in one or more positions that involve the performance of similar functions; (ii) experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor or person performing similar functions; (iii) experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing or evaluation of financial statements; or (iv) other comparable experience.

Committee members may not simultaneously serve on the audit committees of more than two other public companies, unless the Board first determines that this simultaneous service will not impair the ability of the relevant members to effectively serve on the Committee, and any required public disclosure is made.

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Members of the Committee will be appointed by the Board on the recommendation of the Corporate Governance and Nominating Committee. Any Committee member may be removed or replaced at any time by the Board and will, in any event, cease to be a member of the Committee upon ceasing to be a member of the Board.

The Board may fill vacancies in the Committee. Whenever a vacancy exists on the Committee, the remaining members may exercise all of its powers, so long as a quorum of members remains in office.

The Board will appoint members of the Committee annually following the Company’s annual general meeting. Each member of the Committee will hold office until retirement as a member, or until his or her term as a member of the Board is terminated.

The Board will, on the recommendation of the Corporate Governance and Nominating Committee, designate one of the Committee members as chair of the Committee (the “Chair”).

If the Chair is unavailable to attend a meeting of the Committee, the Committee may elect, by a vote of a majority of members of the Committee present at the meeting, one of its members present at the meeting to preside over the meeting.

The Chair will have the responsibilities set forth in the “Committee Chair” section of the “Chair of the Board of Directors and Committee Chair General Guidelines” charter. The Chair will not have a casting vote.

The Committee will appoint a Secretary, who need not be a member of the Committee or a director of the Company. The Secretary will keep minutes of meetings of the Committee.

The Committee will meet at least quarterly at the call of the Chair at times and places to be determined by the Committee. The Chair may call additional meetings as required. Meetings may also be called by the Executive Chair, the Chief Executive Officer (“CEO”) or any member of the Committee.

Committee meetings may be held in person, by videoconference, by means of telephone or by any combination of the foregoing. The Committee will convene in camera sessions on a regular basis.

Notice of the time and place of each meeting may be given orally, in writing, by facsimile or by other electronic communication to each member of the Committee at least 48 hours prior to the time fixed for the meeting.

A member may in any manner waive notice of a meeting. Attendance of a member at a meeting will constitute waiver of notice of the meeting except where a member attends a meeting for the express purpose of objecting to the transaction of any business on the basis that the meeting was not lawfully called.

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The Chair will establish the agenda of meetings and, where possible, circulate materials sufficiently in advance to provide adequate time for review prior to the meeting.

A majority of the Committee members, present in person, by video conference, by telephone or by a combination of these means will constitute a quorum.

The powers of the Committee may be exercised at a meeting where a quorum is present or by resolution in writing signed by all members of the Committee entitled to vote on that resolution at a meeting of the Committee.

The Lead Director may attend any Committee meeting as a non-voting participant.

The Committee may, by invitation, permit others to attend any meeting.

The Committee may request the presence of specified members of management at a meeting and in this case, the management member will attend, if reasonably practical.

The Committee will ensure that minutes of its proceedings are kept on a regular basis. The Committee will ensure that the full Board is kept informed of the Committee’s activities by reports provided in a timely fashion after each Committee meeting.

Specific Responsibilities

The Committee, to the extent required by applicable laws or rules, or otherwise considered by the Committee to be necessary or appropriate, will

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Subject to confirmation by the independent auditor of its compliance with Canadian and U.S. regulatory requirements, the Committee will be directly responsible for recommending to the shareholders the appointment of the independent auditor for the purpose of preparing or issuing any audit report or performing other audit, review or attest services for the Company. The Committee will also be directly responsible for the approval of the fees to be paid to the independent auditor for audit services, and for pre-approval of the retention of the independent auditor for any permitted non-audit service. The Committee will also be directly responsible for the retention, termination, compensation and oversight of the services of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company. The independent auditor will report directly to the Committee.

The Committee, to the extent required by applicable laws or rules, or otherwise considered by the Committee to be necessary or appropriate, will

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The Committee will develop guidelines and policies to govern the process by which the Company undertakes risk assessment and risk management, and will

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The Committee, to the extent required by applicable laws or rules, or otherwise considered by the Committee to be necessary or appropriate, will

The Committee, to the extent required by applicable laws or rules, or otherwise considered by the Committee to be necessary or appropriate, will

The Committee, to the extent required by applicable laws or rules, or otherwise considered by the Committee to be necessary or appropriate, will

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While the Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Committee to plan or conduct audits, to guarantee the quality of the Company’s accounting practices or to determine that the Company’s financial statements are complete and accurate or are in accordance with GAAP. These are the responsibilities of management and the independent auditor. To the extent that procedures included in this Charter go beyond what is required of an Audit Committee by existing law and regulation, such procedures are meant to serve as guidelines rather than inflexible rules and the Committee may adopt such different or additional procedures as it deems necessary from time to time. The Committee, its Chair and any of its members who have accounting or related financial management experience or expertise are members of the Board of the Company appointed to the Committee to provide broad oversight of the financial risk and control related activities of the Company, and are specifically not accountable nor responsible for the day-to-day operation or performance of these activities. A member having accounting or related financial management experience or expertise, or being designated as an “audit committee financial expert,” is not to have imposed upon him or her a higher degree of individual responsibility or obligation than that imposed on other directors generally.

The Committee has the sole authority to determine (subject to Board confirmation as required), and to require the Company to fund, (a) appropriate compensation to the independent auditor engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services; (b) appropriate compensation to independent counsel and other advisors engaged by the Committee as it deems necessary to carry out the Committee’s duties; and (c) administrative expenses necessary or appropriate to carrying out the Committee’s duties.

The Committee’s performance will be evaluated regularly, in accordance with a process developed by the Corporate Governance and Nominating Committee and approved by the Board, and the results of that evaluation will be reported to the Corporate Governance and Nominating Committee and to the Board.

The Committee will assess the adequacy of this charter on an annual basis and recommend changes as appropriate to the Corporate Governance and Nominating Committee.

The Committee will have full access to management and to records of the Company as reasonably required to discharge its responsibilities.

The Committee may engage outside resources and advisors at the expense of the Company if deemed advisable.

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The Committee, upon approval by a majority of its members and to the extent permissible under applicable law, may delegate its duties and responsibilities to subcommittees comprised of one or more members.

The Committee may, to preserve required or desirable confidentiality or privacy concerns, limit disclosure of its proceedings or decisions as reasonably required and appropriate.

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EXHIBIT A

Hiring Policies regarding Partners and Employees of the Independent Auditor

and Certain of Their Family Members

The Committee has approved the following policy for the hiring of current partners and employees or former partners and employees of the Company’s independent auditor or certain of their family members.

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Prior to making a decision to hire any current or former employee of the independent auditor, the Committee may take into account any advice by the General Counsel of the Company that a proposed hiring is not barred by independence standards applicable to independent auditors of issuers of securities listed on the Toronto Stock Exchange or the NASDAQ.

The Committee will review annually a report to be provided by the Chief Financial Officer of the Company of any hiring during the preceding fiscal year of partners and employees of the Company’s independent auditor, including the identity and position within the Company of any person hired.

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Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following annual management’s discussion and analysis (“MD&A”) should be read in conjunction with our audited consolidated financial statements and the accompanying notes of SMART Technologies Inc. (the “Company”) for the fiscal year ended March 31, 2012. The consolidated financial statements have been presented in United States (“U.S.”) dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Unless the context otherwise requires, any reference to the “Company”, “SMART Technologies”, “SMART ^® ”, “we”, “our”, “us” or similar terms refers to SMART Technologies Inc. and its subsidiaries. Because our fiscal year ends on March 31, references to a fiscal year refer to the fiscal year ended March 31 of the same calendar year. For example, when we refer to fiscal 2012, we mean our fiscal year ended March 31, 2012. Unless otherwise indicated, all references to “$” and “dollars” in this discussion and analysis mean U.S. dollars. The following table sets forth the period end and period average exchange rates for U.S. dollars expressed in Canadian dollars that are used in the preparation of our audited consolidated financial statements and this MD&A. These rates are based on the closing rates published by the Bank of Canada.

This MD&A includes forward-looking statements which reflect our current views with respect to future events and financial performance. These statements include forward-looking statements both with respect to us specifically and the technology product industry and business, demographic and other matters in general. Statements which include the words “expanding”, “expect”, “increase”, “intend”, “plan”, “believe”, “project”, “estimate”, “anticipate”, “may”, “will”, “continue”, “further”, “seek” and similar words or statements of a future or forward-looking nature identify forward-looking statements for purposes of the applicable securities laws or otherwise. In particular and without limitation, this MD&A contains forward-looking statements pertaining to general market conditions, our strategy and prospects, including expectations of the education, business and government markets for our products, our plans and objectives for future operations, productivity enhancements and cost savings, our future financial performance and financial condition, the addition of new products to our portfolio and enhancements to current products, our industry, opportunities in the business and government markets and licensing opportunities, working capital requirements, our acquisition strategy, regulation, exchange rates and income tax considerations.

All forward-looking statements address matters that involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors and assumptions that could cause our actual results and other circumstances and events to differ materially from those indicated in these statements, as discussed more fully in the sections “Risks Related to Our Business” and “Capital Structure Risks”. These risk factors and assumptions include, but are not limited to, the following:

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Overview

SMART Technologies Inc. is a leading provider of collaboration solutions that change the way the world works and learns. As the global leader in interactive displays, our focus is on developing a variety of easy-to-use, integrated solutions that free people from their desks and computer screens, making collaboration and learning with digital resources more natural. Our products have transformed teaching and learning in more than 1.9 million classrooms worldwide, reaching over 40 million students and their teachers. In business, our Freestorm™ visual collaboration solutions improve the way that people work and collaborate, enabling them to be more productive and reduce costs.

At the core of SMART’s solution is the interactive display with solutions specifically designed for both education and business. SMART’s solutions for education combine collaboration software with a comprehensive line of interactive displays and other complementary hardware, accessories and services which enhance learning in a variety of ways. SMART’s Freestorm visual collaboration solutions for business include a set of comprehensive business products that combine industry leading interactive displays, intuitive collaboration software and remote collaboration tools.

We generate our revenue from the sale of these interactive technology products and integrated solutions, including hardware, software and services. Our global expansion has led to our products being used in more than 175 countries worldwide through our distributor and dealer network to the education, business and government markets. Although we do not sell to them directly, we consider these end-users to be our customers. We estimate that approximately 85% of our sales are to customers in the education market and the other 15% to customers in the business and government markets.

Our company operates in a fast-paced global environment where technology changes rapidly and the list of new competitors and competitor products is growing. As we focus on expanding our markets and further developing our portfolio of collaboration solutions, we plan to continue building on our position as the global leader in the interactive display product category. With educational funding constraints in North America and the ongoing economic debt crisis in Europe, we are focused on balancing our investment between education and our growing business segment.

The company is investing heavily in the business and government markets with plans to aggressively drive demand for our products. We are leveraging new and existing dealers and distributors and other strategic relationships to penetrate these markets. Our commitment to this segment is encompassed in our new Freestorm visual collaboration solutions which focus on the simplicity and ease of use of our products, while fully integrating them with critical business processes and products for a superior collaborative business solution. We have expanded our research and development, sales and marketing teams to develop and sell solutions for these markets and SMART has also recently partnered with other unified communication and collaboration companies to deliver enhanced interactive collaboration solutions.

In the education market, we believe that significant opportunities exist beyond the traditional markets we have penetrated. Our strategy includes acquiring new customers in emerging markets we are developing that have seen recent growth. We focus on selective investment in profitable emerging markets and have expanded operations in continental Europe, Asia and in other countries where we believe average penetration rates are currently lower than in the United Kingdom, U.S. and Canada. We have broadened our geographical focus to support our distribution channel by opening offices in additional countries, by continuing to hire additional personnel in our current global locations and by increasing our global distribution network. We have also varied our sales approach regionally with a focus on deeper product penetration in mature markets, like North America, while marketing and selling our complete solution to new customers in developing global markets.

We have been successful at penetrating our different target markets by providing fully integrated solutions including hardware, software and support services that enhance the interactive display experience with improved collaboration. We have also increased the depth and quality of the digital content offered by us and third parties for use on our interactive displays. We have supported our focus of expanding globally and further penetrating the education, business and government markets by developing different series of collaboration solutions designed to meet the specific requirements of our target markets.

Our portfolio of products has expanded to include several new products. We have recently launched four new models of collaboration systems for business which incorporate the SMART appliance and the SMART Board ^® 400 Series

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interactive overlay which can be added to numerous types of flat-panel displays to enable touch and ink interactivity. We have recently announced our Freestorm visual collaboration solutions including the SMART Board 8055i interactive flat panel, our first large-format interactive display with presence detection, and the LightRaise™ 40wi interactive projector, intended to provide an affordable way of integrating interactive technology product into the classroom. We will also be launching SMART Notebook™ 11 software which has a number of new features that offer even more opportunities for collaboration and increased interaction.

Highlights

Economic challenges in our main markets and restrictions on government spending have continued to impact our results compared to prior periods. Restrained North American education spending on technology investments has resulted in a significant decline in North American education revenue in fiscal 2012, which was partially offset by growth in Europe, the Middle East and Africa (“EMEA”), the rest of world and the business market. Key highlights in fiscal 2012 are as follows:

Sources of Revenue and Expenses

Revenue

We generate our revenue from the sale of interactive technology products and solutions, including hardware, software and services. Our distribution and sales channel includes dealers in North America and distributors in the EMEA, Caribbean, Latin America and Asia Pacific regions. We complement and support our sales channel with sales and support staff who work either directly with prospective customers or in coordination with our sales channel to promote and provide products and solutions that address the needs of the end-user. Revenue is recognized at the time we transfer the risks and rewards to our sales channel according to contractual terms. Our current practice usually involves multiple elements including post-contract technical support, software upgrades and updates, although we are not contractually required to do so. Revenue from product sales is allocated to each element based on relative fair values with any discount allocated proportionately. Revenue attributable to undelivered elements is deferred and recognized ratably over the estimated term of provision of these elements.

In the past, one of our key revenue metrics was the volume and average selling price of interactive whiteboards sold. Interactive technology products have evolved significantly and now encompass a far wider array of products. As a result, beginning in the fourth quarter of fiscal 2012, we are now reporting the volume and average selling price of interactive displays, a new broader category, and have stated these numbers retroactively throughout the MD&A. Interactive displays include SMART Board interactive whiteboard systems and associated projectors, SMART Board interactive flat panels, appliance-based interactive displays, SMART Board interactive overlays, SMART Podium™ interactive pen displays and SMART Table ^® interactive learning centers.

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Cost of Sales

Our cost of sales have been primarily comprised of the cost of materials and components purchased from our suppliers, assembly labor and overhead costs, inventory provisions and write offs, warranty costs, product transportation costs and other supply chain management costs. With the transition of all product assembly to contract manufacturers in the last half of the fiscal year, assembly labor and certain overhead costs are now incorporated in the cost from contract manufacturers. Standard warranty periods on interactive displays extend up to five years and on other hardware products from one to three years. At the time product revenue is recognized, an accrual for estimated warranty costs is recorded as a component of cost of sales based on estimates for similar product experience. This is adjusted over time as actual claims experience data is obtained. In instances where specific product issues are determined outside of the normal warranty estimates, additional provisions are recorded to address the specific item. Depreciation of assembly equipment is included in cost of sales. To the extent that our sales increase, we also expect our cost of sales to increase in absolute dollars.

Selling, Marketing and Administration Expenses

Our selling and marketing expenses consist primarily of costs relating to our sales and marketing activities, including salaries and related expenses, customer order management activities, customer support, advertising, trade shows and other promotional activities. We offer various cooperative marketing programs to assist our sales channel to market and sell our products which are included as part of selling and marketing expenses. Our administration expenses consist of costs relating to people services, information systems, legal and finance functions, professional fees, insurance, stock-based compensation and other corporate expenses. We expect these expenses to increase slightly compared to prior years as a percentage of revenue.

Research and Development Expenses

Research and development expenses consist primarily of salaries and related expenses for software and hardware engineering and technical personnel as well as materials and consumables used in product development. We incur most of our research and development expenses in Canada and New Zealand, and are eligible to receive Scientific Research and Experimental Development (“SR&ED”) investment tax credits for certain eligible expenditures. Investment tax credits are netted against our provision for income taxes for financial statement presentation purposes. We expect research and development expenses to increase slightly compared to prior years as a percentage of revenue as we focus on enhancing and expanding our product offerings.

Interest Expense

We incur interest expense on our outstanding long-term debt and credit facility. Interest expense declined significantly in fiscal 2011 as a result of the 2010 Reorganization which resulted in the conversion of the shareholder note payable and cumulative preferred shares into equity during the first quarter of fiscal 2011. Interest expense also declined in fiscal 2012 due to the significant debt repayments made in the last three quarters of fiscal 2011 and first two quarters of fiscal 2012.

Foreign Exchange Gains & Losses

We report our financial results in U.S. dollars allowing us to assess our business performance in comparison to the financial results of other companies in the technology industry. Our Canadian operations and marketing support subsidiaries around the world have the Canadian dollar as their functional currency. Our U.S. and New Zealand operating subsidiaries have the U.S. dollar as their functional currency and our Japanese operating subsidiary has the Japanese Yen as its functional currency. The financial results of these operating subsidiaries are converted to Canadian dollars for consolidation purposes and then the Canadian consolidated financial results are converted from Canadian dollars to U.S. dollars for reporting purposes.

Our foreign exchange exposure is primarily between the Canadian dollar and both the U.S. dollar and the Euro. This exposure relates to our U.S. dollar-denominated assets and liabilities, including our external debt, the sale of our products to customers globally and purchases of goods and services in foreign currencies. Gains and losses on our U.S. dollar-denominated debt prior to its maturity or redemption are non-cash in nature.

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