Positive Change: our philosophy

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<p><strong>As with any investment, your capital is at risk.</strong></p> <p>&nbsp;</p> <p class="MsoNormal"><strong>Kate Fox (KF):</strong> We believe capital can be a powerful mechanism for positive change. This is a bold statement to make, but it's one that we stand behind. By channelling capital towards companies whose products and services are addressing global challenges, we believe investors can contribute to a better world while also making attractive returns. Society has made remarkable progress in science, technology and the way we live. Extreme poverty has declined from more than 1 in 3 people in 1990 to under 1 in 10 now. Much of this transformation has been driven by companies unleashing innovations that have reshaped the world of today.</p> <p class="MsoNormal"><strong>Ed Whitten (EW):</strong> And it's the companies of tomorrow that excite us most.&nbsp; Positive Change focuses on two objectives of equal importance. To deliver attractive long-term investment returns and to help accelerate the transition towards a healthier, more inclusive and sustainable society. Rather than using broad exclusionary screens, we rely on deep fundamental research and a global network of expertise to identify the truly exceptional businesses addressing the world's most complex challenges. The result is a concentrated global portfolio of 25 to 50 holdings powered by our clients' capital and guided by our team's thoughtful engagement.</p> <p class="MsoNormal"><strong>KF:</strong> There are more of us on this planet than ever before and our demand for energy, food and materials continues to rise. The strain on natural resources is intensifying and the impact on our climate is impossible to ignore. Yet technology and innovation are changing how we interact with natural systems. Electrification is transforming how we power our homes, factories and transport systems. Digitalisation is making supply chains and cities more efficient. Renewable energy is rapidly scaling, while advances in energy storage and grid technology are accelerating the shift to cleaner systems. Together, innovation and investment can help build a more sustainable society, one that uses resources wisely and safeguards the planet for generations to come.</p> <p class="MsoNormal"><strong>EW:</strong> We are living longer than ever before, but longevity isn't the same as well-being. Preventable diseases, delayed diagnoses and rising costs still hold too many people back. Advances in science and technology are shifting the focus from treatment to prevention, from late-stage intervention to early detection. They're enabling cures once thought impossible, offering hope where there was none. Every advance that improves well-being helps create a healthier society, one where more people can live longer, fuller lives.</p> <p class="MsoNormal"><strong>KF:</strong> Human potential is universal, but opportunity is not. Education, finance, and connectivity are unevenly distributed, closing too many doors to too many people. For those on the lowest incomes, daily life can be fragile in the face of climate change, conflict, and economic shocks. This is compounded by a lack of access to basic services and opportunities. But the landscape is shifting for the better. Online platforms are helping millions learn new skills. Digital financial services are reaching people once excluded. And small businesses are thriving in online marketplaces. Step by step, the doors of participation are being pushed open. Expanding access and opportunity strengthens the fabric of an inclusive society where everyone has the chance to contribute and thrive.</p> <p class="MsoNormal"><strong>EW:</strong> We believe the investment community has a vital role to play, providing patient capital to the businesses driving positive change and to the social and technological breakthroughs that make such progress possible. The companies we invest in don't just aim for growth, they aim to solve problems that matter, helping to build a sustainable society, a healthy society and an inclusive society. You don't have to choose between building your portfolio and building a better world. We believe the most powerful outcomes happen when you do both.</p> <p class="MsoNormal">&nbsp;</p> <h3 data-gtm-vis-recent-on-screen934959_1669="1806" data-gtm-vis-first-on-screen934959_1669="1806" data-gtm-vis-total-visible-time934959_1669="100" data-gtm-vis-has-fired934959_1669="1">Risk factors</h3> <p>This communication was produced and approved in January 2026 and has not been updated subsequently. 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, 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 &amp; Co and is current unless otherwise stated.</p> <p>The images used in this communication are for illustrative purposes only.</p> <p><span><strong>Important Information&nbsp;</strong></span></p> <p>Baillie Gifford &amp; Co and Baillie Gifford &amp; Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford &amp; Co Limited is an Authorised Corporate Director of OEICs.&nbsp;</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 &amp; Co. 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