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<p class="MsoNormal"><strong>Your capital is at risk. Past performance is not a guide to future returns. The following update is based on a representative portfolio. As such, stock examples may not be held in every client portfolio, and performance may differ.</strong></p>
<p class="MsoNormal">This transcript was generated by AI. </p>
<p class="MsoNormal"><strong>David Rolland:</strong> So, March was all about Iran. The escalation, the energy shock and the knock-on effects for markets. Before that, the quarter had started on a much calmer, more constructive footing. By the end of February, global equity markets were close to record highs. We believed inflation was moving in the right direction in several regions, and there was a growing confidence that policy rates had moved close to their destination. All this strength, despite the capture of the President of Venezuela, a US government shutdown and rapid developments in AI, prompted a more selective attitude towards parts of the software sector.</p>
<p class="MsoNormal">We also started to see leadership broaden beyond the very largest US tech companies. Investors showed more interest in what some described as halo businesses, hard asset, low obsolescence. Put simply, that means companies tied to the real world, essential spending, such as energy networks, infrastructure, defence and supply chains, where demand tends to be more predictable, and the risk of being disrupted overnight is lower. So this somewhat thematic move initially helped our performance. That backdrop was abruptly overshadowed at the end of February by the escalation of the conflict involving Iran. Markets initially appeared willing to assume that the episode might prove relatively contained.</p>
<p class="MsoNormal">But as March progressed, that confidence faded. The effective closure of the Strait of Hormuz and wider disruption to oil and LNG flows pushed Brent from around $70 a barrel before the conflict to above $100 by quarter end, reviving concerns about inflation and raising the risk of a drag on growth. The impact across asset classes was uneven. So equity markets fell, the US dollar strengthened and leadership narrowed again. In fixed income, government bonds did not provide the type of protection investors might ordinarily expect during a geopolitical shock. Long-dated developed market yields moved higher as markets focused on the inflationary nature of the move in energy, and pared back expectations for policy easing.</p>
<p class="MsoNormal">Stepping back, we do not think this is a repeat of 2022. Policy settings are materially tighter than they were then. Labour markets are cooler, and there is not yet clear evidence of broad de-anchoring in longer-term inflation expectations. Even so, the quarter ended with markets having to balance policy, politics, growth and inflation in a more complicated way than it seemed likely a few weeks earlier. So what did that mean for performance? During the quarter, the fund was down around 1.5 percent.</p>
<p class="MsoNormal">The period again highlighted the value of diversification. January and February were more supportive. March was testing. The portfolio’s multiple return engines helped limit reliance on any single market outcome, and the defensive quality nature allowed us to hold up relatively well. Within real assets, property and infrastructure both contributed positively by the end of February, but March took back some of that progress. In property, weakness was more evident in the more rate-sensitive UK and European logistics holdings, while more defensive areas were steadier.</p>
<p class="MsoNormal">Infrastructure was more resilient, which I’ll come on to. And equities were mixed. The stronger start to the year gave way to a more selective backdrop. And our credit holdings were a modest headwind. The broader point, though, is the same. When market leadership narrows or the macro backdrop shifts abruptly, we do not want outcomes to hinge on one asset class.</p>
<p class="MsoNormal">We want several engines working together to support both resilience and income. What did we change in the portfolio then? At quarter end, the fund remained broadly balanced across equities, bonds and real assets, complemented by a small cash position. The most meaningful move this quarter was in infrastructure. After a very strong run, we reduced the allocation from around 21 percent to close to 18 percent, mainly in regulated utilities. We sold Consolidated Edison and Rodeia, both of which had become less compelling on a relative basis.</p>
<p class="MsoNormal">But it is worth zooming out and reflecting on what the infrastructure allocation has delivered at portfolio level, because this quarter is a good illustration of why we own it. At a time when broader equity markets have been volatile and increasingly difficult to read, infrastructure has done what it is supposed to do. Global equities were negative over the quarter, while our infrastructure portfolio returned about 8 percent. That kind of divergence matters. It provides ballast when sentiment shifts, and critically, it creates optionality. The gains we have taken this quarter have put us in a position to be patient and selective elsewhere.</p>
<p class="MsoNormal">We increased our allocation to our equity growth portfolio to about 5 percent from 4 percent. Growth valuations have come down a fair bit since October last year, so we felt this was a good entry point. In our equity income allocation, we sold Kuehne+Nagel and redeployed the proceeds into existing holdings, where we see more dependable long-term growth and lower sensitivity to macro volatility. Looking ahead, we expect the fund to continue to deliver similar levels of income to 2025, despite the ongoing uncertainty. That base case remains that this energy shock proves manageable rather than structural. But Europe and the UK are more exposed than the US if energy prices stay higher for longer.</p>
<p class="MsoNormal">The key question from here is whether markets treat the move in energy prices primarily as an inflation shock, or whether second-order effects begin to weigh more meaningfully on growth. That balance of risks is one reason we are comfortable holding a little bit more cash for now, rather than feeling compelled to redeploy it quickly. The positive point I would leave you with is this. Q1 was a reminder that sentiment can shift quickly, but it also reinforces why the fund is built the way it is. We are not trying to predict one outcome. We are building it around multiple complementary sources of income, with exposure to businesses and issuers whose cash flows are resilient, whose balance sheets are robust and whose valuations remain sensible.</p>
<p class="MsoNormal">So that when the backdrop changes, the fund can absorb shocks, respond flexibly and continue delivering dependable income and more consistent total returns.</p>
<p class="MsoNormal"> </p>
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<h3>Baillie Gifford Monthly Income Fund </h3>
<p class="TABLEHEADER1212pt"><strong>Annual past performance to 31 March each year (net %)</strong></p>
<table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 56.0001px;">
<tbody>
<tr style="height: 18.6667px;">
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 33.4992%;"> </td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2022</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2023</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2024</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2025</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2026</strong></td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 33.4992%;">Baillie Gifford Monthly Income Fund B Inc</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 7.4</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> -3.9</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 6.4</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 2.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 5.2</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 33.4992%;">IA Mixed Investment 40-85% Shares Sector </td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 5.2</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> -4.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 10.2</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 3.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 11.1</td>
</tr>
</tbody>
</table>
</div>
<div>
<p class="TABLEHEADER1212pt"> </p>
<p class="TABLEHEADER1212pt"><strong>Distribution per unit (pence) to 31 March each year<br></strong>Rolling 12-month periods to 31 March each year<strong><br></strong></p>
<table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 56.0001px;">
<tbody>
<tr style="height: 18.6667px;">
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 33.4992%;"> </td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2022</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2023</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2024</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2025</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2026</strong></td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 33.4992%;">Baillie Gifford Monthly Income Fund B Inc</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 4.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 4.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 4.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 4.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 4.6</td>
</tr>
</tbody>
</table>
</div>
<div>
<p><span class="source-text"><strong>Source</strong>: FE, Revolution. Net of fees, total return in sterling. Share class returns calculated using 10am prices, while the Index is calculated close-to-close.</span></p>
<span class="source-text"></span>
<p style="margin-top: 0cm; line-height: 12.0pt;" class="BGSOURCEbodySOURCE"><strong>Past performance is not a guide to future returns.</strong></p>
<p><span class="source-text">The Fund has no target. However you may wish to assess the performance of both income and capital against inflation (UK CPI) over a five-year period. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Mixed Investment 40-85% Shares Sector. </span></p>
<h3>Important information and risk factors </h3>
<p>This recording was produced and approved in April 2026 and has not been updated subsequenty. It represents views held at the time and may not reflect current thinking. </p>
<p>The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions. </p>
<p>This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, and Baillie Gifford and its staff may have dealt in the investments concerned. </p>
<p>Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs. </p>
<p>Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. </p>
<p>The Fund does not guarantee positive returns. It aims to maintain the capital value in line with inflation, however this is not guaranteed. </p>
<p>Market values for illiquid securities which are difficult to trade, or value less frequently than the Fund, such as holdings in weekly or monthly dealt funds, may not be readily available. There can be no assurance that any value assigned to them will reflect the price the Fund might receive upon their sale. In certain circumstances it can be difficult to buy or sell the Fund’s holdings and even small purchases or sales can cause their prices to move significantly, affecting the value of the Fund and the price of shares in the Fund. </p>
<p>Derivatives may be used to obtain, increase or reduce exposure to assets and may result in the Fund being leveraged. This may result in greater movements (down or up) in the price of shares in the Fund. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Fund. </p>
<p>Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com. </p>
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