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<p><strong>Chris Murphy:</strong> In the investment industry, most firms answer to outside shareholders. Pressured to hit quarterly targets and maximise returns, these firms face constant scrutiny from external voices demanding immediate results. This fosters short-term thinking. Baillie Gifford, on the other hand, is a private partnership owned by our partners who work in and lead the business day-to-day, with no outside shareholders, no external pressures, pushing us towards short-term decisions. And it’s been that way since 1908. And this influences how we’ve built the firm.</p>
<p>Baillie Gifford has grown organically by serving our clients well and investing in our people and research capabilities, not by mergers or being bought and sold. We’ve scaled very deliberately over time, always keeping our focus on investment excellence and on a culture we’re proud of. This gives us the freedom to focus on what really matters, doing a great job for clients over the long run. As partners, we’re personally invested in the firm’s success, not just financially, but reputationally.</p>
<p>And when we make decisions and we invest in our business, we’re thinking about what will matter in five and 10 years’ time, consistent with our clients’ investment horizon. Partnership creates a culture of stewardship. We think and act like long-term owners. Our structure shapes how we invest when we find businesses we genuinely believe in. We can hold them in our clients’ portfolios for the long term, sticking with them as they grow through periods of volatility and discomfort. We’re not forced to sell promising growth companies just because they’ve had a difficult quarter. Our partnership structure also brings continuity. Our clients benefit from the same people following the same investment philosophy year after year. That consistency really matters.</p>
<p>The result? A stable home for our clients’ capital. Patient, consistent, and focused on outcomes that matter over the long term. That’s not just how we’re structured, it’s how we think and act.</p>
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<h3>Risk Factors</h3>
<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 was produced and approved in April 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</p>
<p><strong>Potential for Profit and Loss </strong></p>
<p>All investment strategies have the potential for profit and loss, your or your clients’ capital may be at risk. Past performance is not a guide to future returns.</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, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned.</p>
<p>All information is sourced from Baillie Gifford & Co and is current unless otherwise stated. </p>
<p>The images used in this communication are for illustrative purposes only.</p>
<p><strong>Important Information</strong></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>Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.</p>
<p>Persons resident or domiciled outside 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, and with their tax advisers for advice relevant to their own particular circumstances.</p>
<p><strong>Financial Intermediaries</strong></p>
<p>This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.</p>
