1. SCOTTISH MORTGAGE INVESTMENT TRUST PLC

    PICKING STOCKS WITH PRECISION.

    The Trust is an actively managed, low cost investment trust, investing in a high conviction global portfolio of companies with the aim of maximising its total return over the long term. The managers look for strong businesses with above-average returns and aim to achieve a greater return than the FTSE All-World Index (in sterling terms) over a five year rolling period.