Baillie Gifford Global Discovery Fund B Accumulation

The sub-Fund aims to outperform (after deduction of costs) the S&P Global Small Cap Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods. The Sub-fund will invest at least 90% in shares of companies. The Sub-fund will be actively managed and will invest in shares of companies in any country and in any sector which typically at the time of initial purchase have a market capitalisation which is smaller than or equal to the market capitalisation of the largest company in the S&P Global Small Cap Index (measured on the second business day of each calendar month) and that the Investment Adviser considers will offer excellent future growth prospects.