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<p class="MsoNormal"><strong>Investors should consider the investment objectives, risks, charges and expenses carefully before investing. This information and other information about the Funds can be found in the prospectus and summary prospectus. For a prospectus and summary prospectus, please visit our website at <u>bailliegifford.com/usmutualfunds</u>. Please carefully read the Fund's prospectus and related documents before investing. Securities are offered through Baillie Gifford Funds Services LLC, an affiliate of Baillie Gifford Overseas Ltd and a member of FINRA.</strong></p>
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<p><strong>Tell us about the company.</strong></p>
<p><strong>Thomas Hodges: </strong>International money transfers shouldn't feel like a waiting game, but for many of us it does, thanks to high fees, slow processing times and hidden costs. Kristo Käärmann and Taavet Hinrikus recognise this problem, and they've founded Wise, the solution millions of people rely on today. </p>
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<p><strong>What makes this stock special?</strong></p>
<p>The global cross-border payment system used by banks is clunky. It's old, involves layers of intermediaries, which is why money transfers are both slow and expensive. What Wise has done is cut out the middleman. This move bypasses the legacy chain by holding local accounts in more than 80 countries and connecting directly to instant payment rails, all while matching inflows and outflows centrally in a single global treasury.</p>
<p>The result is almost instant transfers, which cost almost nothing. Since listing, the company has doubled its active customers to over £15m and its payment volume to £145bn. With more customers and increased volumes, Wise unlocks a flywheel effect whereby volume growth lowers unit costs, enabling them to pass on cost savings to customers. This has the potential to attract new customers from consumers to SMEs (small to medium sized enterprises).</p>
<p class="MsoNormal">This is a big deal, and rather than entering the ring to compete against Wise, many big incumbent banks, like Morgan Stanley and Standard Chartered, they're partnering with the company to use its platform. It's completely disrupted a massive market, making it cheaper and easier to transfer money across borders.</p>
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<p><strong>What could the future hold?</strong></p>
<p>We think that Wise has significant growth potential ahead. Currently, it processes less than 5 per cent of individual transfers and less than 1 per cent of SME transfers. As more customers are drawn to its offerings, it partners with more banks, and it expands its markets. Wise has the capability to take market share. On top of this, the company is broadening its product range, from multi-currency accounts to cards, and experimenting with new financial innovations like stablecoins and tokenisation, which could unlock even faster and even cheaper settlement in the future.</p>
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<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 class="MsoNormal">The Funds are distributed by Baillie Gifford Funds Services LLC. Baillie Gifford Funds Services LLC is registered as a broker-dealer with the SEC, a member of FINRA and is an affiliate of Baillie Gifford Overseas Limited. All information is sourced from Baillie Gifford & Co unless otherwise stated.</p>
<p class="MsoNormal">As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. These risks are even greater when investing in emerging markets. Security prices in emerging markets can be significantly more volatile than in the more developed nations of the world, reflecting the greater uncertainties of investing in less established markets and economies. Currency risk includes the risk that the foreign currencies in which a Fund’s investments are traded, in which a Fund receives income, or in which a Fund has taken a position, will decline in value relative to the U.S. dollar. Hedging against a decline in the value of currency does not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of such securities decline. In addition, hedging a foreign currency can have a negative effect on performance if the U.S. dollar declines in value relative to that currency, or if the currency hedging is otherwise ineffective.</p>
<p class="MsoNormal">For more information about these and other risks of an investment in the Funds, see "Principal Investment Risks" and "Additional Investment Strategies" in the prospectus. There can be no assurance that the Funds will achieve their investment objectives.</p>
<p class="MsoNormal">This communication was produced and approved in March 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</p>
<p class="MsoNormal">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 class="MsoNormal">As at February 2026, Baillie Gifford held Wise. A full list of holdings is available on request and is subject to change.</p>
