Baillie Gifford European Fund B Income

Objective The Fund aims to outperform (after deduction of costs) the MSCI Europe ex UK Index, as stated in sterling, by at least 1.5% per annum over rolling five-year periods. Policy The Fund will invest at least 90% in shares of European companies of any size and in any sector. European companies are companies which are listed, incorporated, domiciled or conducting a significant portion of their business in Europe (including Turkey and excluding the UK). The Fund may also invest in other transferable securities of European companies and money market instruments. The Fund will be actively managed and will be concentrated. Other Information You can sell some or all of your shares on any business day in the United Kingdom by contacting our Dealing Department by phone or post. Where properly completed documentation is received by post, shares will be sold at the next valuation point following receipt of the instruction. Any income due to you will be paid into your bank or building society account, paid on the dates specified in the Prospectus. For further explanation and information see the investment objective and policy section of the Prospectus, which is available by contacting us. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years.