International Institutional Investors and Consultants - Important Information

THIS AREA OF THE WEBSITE IS INTENDED FOR INTERNATIONAL INSTITUTIONAL INVESTORS AND CONSULTANTS. IT IS NOT INTENDED FOR USE BY MEMBERS OF THE GENERAL PUBLIC. FOR INFORMATION ON PRODUCTS AVAILABLE TO MEMBERS OF THE GENERAL PUBLIC, PLEASE REFER TO THE UK RETAIL INVESTORS SECTION OF THIS WEBSITE.

Please read the information on this page and click on the link if you wish to proceed.

The information contained in this site has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Nothing in this information or elsewhere in this website shall exclude, limit or restrict our duties and liabilities to you under the Financial Services and Markets Act 2000 or any conduct of business rules which we are bound to comply with.

The information contained in this site should not be considered as advice or a recommendation to buy, sell or hold a particular investment. Any information on investments does not constitute independent investment research and accordingly it is not subject to the protections afforded to independent research. Baillie Gifford and its staff may have dealt in the investments concerned. Investment markets and conditions can change rapidly and, as such, views expressed should not be taken as statements of fact, nor should reliance be placed on these views when making investment decisions.

The information contained in this site does not constitute an offer of, or an invitation to apply for, securities in any jurisdiction where such offer or invitation is unlawful or in which the person making such offer is not qualified to do so or to whom it is unlawful to make such offer or solicitation. Specifically, any funds described will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and, except in a transaction which does not violate the Securities Act or any other applicable U.S. Securities laws (including without limitation any applicable law of any of the States of the U.S.A.) may not be directly or indirectly sold or offered in the U.S.A. or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a U.S. person.

Persons resident in countries other than the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest in any product described in the following pages.

Regulatory Information – Australia

This material is provided on the basis that you are a wholesale client within the definition of ASIC Class Order 03/1099. Baillie Gifford Overseas Limited (ARBN 118 567 178) is registered as a foreign company under the Corporations Act 2001(Clth). It is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 in respect of these financial services provided to Australian wholesale clients by virtue of the application of ASIC Class Order 03/1099.

Both Baillie Gifford Overseas Limited and Baillie Gifford & Co are authorised and regulated by the Financial Services Authority (FSA) under UK laws which differ from those applicable in Australia.

Unless otherwise stated, all figures quoted relate to the situation at 31 December 2009.

Baillie Gifford Overseas Limited is the company through which Baillie Gifford & Co offers its investment management expertise to overseas clients. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. It is registered with the SEC in the United States. Both Baillie Gifford Overseas Limited and Baillie Gifford & Co are authorised and regulated by the Financial Services Authority. Both companies are entered on the Financial Services Authority’s register. Their register numbers are as follows:-

Baillie Gifford & Co 142597
Baillie Gifford Overseas Limited 121818

If you would like to access the Financial Services Authority's register please visit their website at www.fsa.gov.uk/register. If you would like further information on the Financial Services Authority, you can access their website here

Baillie Gifford & Co and Baillie Gifford Overseas Limited are registered for value added tax (“VAT”) purposes. Baillie Gifford & Co's VAT Registration Number is 268 5553 22 and Baillie Gifford Overseas Limited’s VAT Registration Number is 402 8051 93. Baillie Gifford & Co Limited is not registered for VAT purposes.

A list of the names of the partners of Baillie Gifford & Co, a Scottish partnership, is open to inspection at their principal place of business, Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, Scotland, United Kingdom.

Baillie Gifford Overseas Limited is a private limited company registered in Scotland. Registered number: SC84807. Registered office: Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN.

Baillie Gifford International LLC is wholly owned by Baillie Gifford Overseas Limited and is the legal entity through which Baillie Gifford Overseas Limited provides client service and marketing functions in North America. It is registered in the State of Delaware USA, c/o Corporation Service Company, 2711 Centerville Road, Suite 400. Wilmington, Delaware 19808. EIN No: 98-0473976.

If you would like to access the Companies House register please visit their website at www.companieshouse.gov.uk.