The Baillie Gifford Investment Trust ISA and Share Plan. Application Pack BAILLIE GIFFORD

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1 BAILLIE GIFFORD The Baillie Gifford Investment Trust ISA and Share Plan Application Pack WE LOOK FOR QUALITY COMPANIES OFFERING LONG-TERM GROWTH AND AN ONGOING COMPETITIVE ADVANTAGE.

2 Contents 1 Taking the long-term view to get the best from our investment trusts 3 Your long-term investment partner 4 Flexible and cost-effective investments 6 Seven trusts to choose from 9 The benefits of the Share Plan 10 ISA options 13 Key Features 30 Terms & Conditions Need more information? We work hard to provide you with all the information we think you might need about our Share Plan and ISA. If you have any questions after reading through this pack, please contact our Client Relations Team on or [email protected] Photos Getty Images, Corbis Images.

3 ISA and Share Plan Taking the long-term view to get the best from our investment trusts In this pack we look at the benefits of accessing the stock market through the range of investment trusts managed by Baillie Gifford & Co Limited, and how you can invest in them through a Baillie Gifford Investment Trust Share Plan and ISA. The Share Plan is a versatile, convenient and affordable way to invest for your financial future. The ISA could be a tax-efficient way for you to invest in the investment trusts we manage. Please read on to find out which product might be for you. We hope that this information helps you to decide on a long-term investment strategy. Please note: The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. As a result, the value of the shares in them, and any income from them, can fall as well as rise and investors may not get back the amount invested. Investments with exposure to overseas securities can be affected by changing stock market conditions and currency exchange rates. These products are aimed at investors who are financially aware or who have taken financial advice, who are prepared to take the risks associated with stock market investment and who are looking for a long-term investment. WE ARE COMMITTED LONG-TERM OWNERS OF COMPANY SHARES AND HAPPY TO BE OCCASIONAL PESTS TO THEIR MANAGEMENT. 1

4 ISA and Share Plan INVESTMENT IS NOT QUANTUM PHYSICS. 2

5 ISA and Share Plan Your long-term investment partner Choose to invest with Baillie Gifford and you ll be making a decision that should stand you in good stead over the years to come. We have been seeking superior investment returns for our clients for over a century now. Our whole investment philosophy is focused on long-term growth and we ensure our reach is steadfastly global. Baillie Gifford is one of the leading privately owned investment management firms in the UK. Structured as a partnership, investment management is our sole business. The company is wholly owned by its partners, all of whom work full time for the firm. We believe that their personal involvement in the business is crucial to maintaining the motivation and high standards essential to a modern financial organisation and in maintaining a firm customer focus. The result is a successful, stable business that continues to grow organically with a strong commitment to continuing as an independent, private business based in Edinburgh. Choosing Baillie Gifford as your long-term investment partner may well be one of the most sensible decisions you ever make. Please note: 1. We have provided you with this pack so you can decide whether these investments are right for you. Baillie Gifford does not provide individual investment advice, and we are not required to assess how suitable these may be for you and your individual circumstances. Therefore, you will not benefit from the protection of the rules on assessing suitability. 2. The ISA and Share Plans are designed for UK investors and are not intended for persons who are treated as tax resident outside of the UK and this application pack is not intended for distribution other than in the UK. 3. If you are in any doubt about how suitable any of these investments are for you, please contact an authorised intermediary for advice. Professional advice website allows you to search for authorised intermediaries in your area. 3

6 ISA and Share Plan Flexible and cost-effective investments Investment trusts can be an easy and cost-effective way to benefit from the potential growth of stock markets all over the world. This means they could form the core of many people s investment portfolio. Gain access to a wide range of shares Investment trusts are companies whose sole purpose is to invest in other companies with the aim of making money for their shareholders. In some ways they are like pooled investments (such as open ended investment companies and unit trusts), which aim to provide a spread of risk through a wide range of investments. With investment trusts managed by Baillie Gifford & Co Limited, you benefit from expert management, which means that you don t have to decide when to buy or sell individual shares. Investment trusts can also be more cost-effective than other forms of pooled investment, as their running costs tend to be lower. Because they have a fixed pool of capital to invest, they can take a long-term view. WE ARE NOT SPECULATORS BUT LONG-TERM FUNDAMENTAL INVESTORS SEEKING TO TURN TIME AND VOLATILITY TO OUR ADVANTAGE. 4

7 ISA and Share Plan OUR WHOLE INVESTMENT PHILOSOPHY IS FOCUSED ON LONG-TERM GROWTH FROM COMPANIES WHEREVER THEY MIGHT BE BASED AROUND THE WORLD. 5

8 ISA and Share Plan The global investment trusts These global investment trusts, all managed by Baillie Gifford & Co Limited, could meet the needs of most types of investor over the long term. Trust Scottish Mortgage Investment Trust PLC Size of Trust (net) at 29/02/16 3,223m Aims of Trust Is an actively managed, low cost investment trust, investing in a high conviction global portfolio of companies with the aim of maximising total returns 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. The Monks Investment Trust PLC The Scottish American Investment Company P.L.C. (SAINTS) Edinburgh Worldwide Investment Trust plc (EWIT) 954m Aims for long-term capital growth which takes priority over income. This is pursued through applying a patient approach to investment, principally from a differentiated, actively managed global equity portfolio containing a diversified range of growth stocks. 328m Aims to be a core investment for private investors seeking income. Its objective is to grow the dividend at a faster rate than inflation by increasing capital and growing income. The focus of the portfolio is on global equities but investments are also made in bonds, property and other asset types. 220m Aims for capital growth from a global portfolio of initially immature entrepreneurial companies, typically with a market capitalisation of less than $5bn at time of initial investment, which are believed to offer long-term growth potential. Please note: Generally, we take and encourage what we see as a sensible long-term investment approach. The trusts portfolios do not track indices. Instead, they express conviction in individual companies, irrespective of their index weights. Consequently, there will be some periods of both out performance and under performance relative to indices. We suggest that investors share our long-term perspective (at least five years) when assessing the suitability and performance of these trusts. Our monthly Investment Trust Bulletin contains more information, including performance data and holdings information for all of the trusts we manage. Copies can be obtained by contacting us, or downloaded from our website at The website also contains up-to-date analysis, performance and prices as well as the latest Annual Reports & Accounts for each trust. 6

9 ISA and Share Plan The specialist investment trusts We also manage more specialist trusts. Trust Size of Trust (net) at 29/02/16 Aims of Trust The Baillie Gifford Japan Trust PLC Baillie Gifford Shin Nippon PLC Pacific Horizon Investment Trust PLC 332m Aims to pursue long-term capital growth principally through investment in medium to smaller sized Japanese companies, which are believed to have above average prospects for growth. 168m Aims to achieve long-term capital growth principally through investment in small Japanese companies which are believed to have above average prospects for capital growth. 109m Aims to achieve capital growth through investment in the Asia Pacific region (excluding Japan) and in the Indian Sub-continent. These may be suitable for investors who are prepared to accept the increased risk that may come with investing in them, such as investing in smaller companies or in more volatile markets. Please note: The value of investments and any income from them may go down as well as up and investors may not get back the amount originally invested. All of the trusts described in this application pack invest in overseas securities and may be affected both positively and negatively by currency fluctuations. Further details, including the associated risks of all seven of these trusts are included in the Key Features from page 13 of this application pack. MARKETS, QUITE SIMPLY, ARE NOT EFFICIENT SO WE BELIEVE A GENUINELY ACTIVE APPROACH LIKE OURS IS ESSENTIAL. 7

10 ISA and Share Plan WE ARE LONG-TERM INVESTORS IN MARKETS OBSESSED WITH SHORT-TERMISM. 8

11 ISA and Share Plan The benefits of the Share Plan The Baillie Gifford Investment Trust Share Plan is aimed at those clients looking to gain access to the stock market by investing in a range of investment trusts managed by Baillie Gifford & Co Limited. You can choose to invest with up to three other people in the same Share Plan. Furthermore, there is no overall maximum investment limit which you can invest in the Share Plan. You can choose to invest in any combination of the seven investment trusts managed by Baillie Gifford & Co Limited (details on pages 6 and 7) subject to the minimum amounts below. You can invest A lump sum investment from 250 per investment trust From 30 a month, for each investment trust you choose By using a combination of lump sum and monthly savings. Flexibility You can switch between trusts in the range managed by Baillie Gifford & Co Limited whenever you wish You can stop and restart monthly subscriptions whenever you wish, without penalty You can withdraw all or part of your investment. Withdrawals of part of your investment are subject to the minimum remaining balance of 250 as detailed in condition 9 of the Terms & Conditions You can use our Online Management Service (OMS) to manage your Share Plan. If there are two or more of you holding the Share Plan jointly, your access to OMS will be restricted and you will not be able to place dealing instructions online (please see condition 24 of the Terms & Conditions for further details). More information on this service can be found online at or by calling our Client Relations Team on Costs There is no initial charge or annual management charge for the Share Plan There are no charges for switches between trusts within your Share Plan There is a charge of 22 for each withdrawal from the Share Plan Other charges include the dealing price spread* and Government stamp duty of 0.5% on purchases (including all switches) and certain transfers The investment trusts also incur costs in managing and administering their portfolios (including dealing costs). These are shown in the Key Features More information about the impact of these charges on your investment is given in the Key Features. *The dealing price spread is the difference, on any day, between the buying and selling price of an investment trust s shares, as set by the market makers who hold and trade the shares. 9

12 ISA and Share Plan Put your feet up with individual savings accounts (ISAs) The Baillie Gifford Investment Trust ISA is aimed at those clients looking to gain access to the stock market in a taxefficient way, by investing in a range of investment trusts managed by Baillie Gifford & Co Limited. The Baillie Gifford ISA Transfer is available to clients looking to transfer existing ISAs held with another manager and invest them in a range of investment trusts managed by Baillie Gifford & Co Limited. Please note: The benefit of a cash ISA is that your capital is generally secure and readily available. If you invest in equities your capital is at risk. The value of any tax reliefs will depend on your individual circumstances and tax rates and reliefs, as well as the tax treatment of ISAs, could change at any time. ISA Limits 2016/2017 In the current 2016/2017 tax year, you can invest up to the limit of 15,240 into an ISA split between a stocks and shares ISA and a cash ISA as you decide. The full amount may be invested in a stocks and shares ISA if desired, or into a cash ISA if you prefer but please note that Baillie Gifford does not offer a cash ISA. The annual subscription limits can change from tax year to tax year. You should check the annual subscription limits as published by HM Revenue & Customs. More information is available on HM Revenue & Customs website ( or call our Client Relations Team on Please note, however, that we are unable to give you individual investment advice. WE LIVE IN A PERIOD OF EXPONENTIAL CHANGE, PROVIDING OPPORTUNITIES FOR STOCK PICKERS LIKE US. 10

13 ISA and Share Plan The benefits of ISAs and ISA transfers You can invest A lump sum investment from 2,000 (with a minimum of 1,000 per investment trust) From 100 a month, for each investment trust you choose Top ups from 250 for each investment trust chosen by you. You can also Transfer your current ISAs to Baillie Gifford, if their minimum value is at least 2,000 each*. Flexibility You can use our Online Management Service (OMS) to manage your ISA. More information on this service can be found online at or by calling our Client Relations Team on You can switch between trusts in the range managed by Baillie Gifford & Co Limited whenever you wish You can withdraw all or part of your investment, subject to a minimum withdrawal of 500. Investments may be subject to a minimum remaining balance of 2,000 as detailed in condition 9 of the Terms & Conditions. Please note that the Baillie Gifford Investment Trust ISA is not a Flexible ISA. Costs There is a management charge of (+VAT) per year for managing all of the ISAs you hold with us** There is a charge of 22 for each withdrawal There are no charges for switches between investment trusts within your ISA Other charges include the dealing price spread*** and Government stamp duty of 0.5% on purchases (including all switches) and certain transfers There is a charge of for each transfer to another ISA manager and a further charge of per trust for re-registering the shares in the name of another nominee The investment trusts also incur costs in managing and administering their portfolios (including dealing costs). These are shown in the Key Features More information about the impact of these charges on your investment is given in the Key Features. *Your existing ISA manager may charge for transferring an ISA to Baillie Gifford. **The annual management charge is collected half yearly on 4 April and 4 October in arrears. If you close your ISA, the charge will be pro-rated based on the number of days since the last charge. ***The dealing price spread is the difference, on any day, between the buying and selling price of an investment trust s shares, as set by the market makers who hold and trade the shares. 11

14 ISA and Share Plan More information You can receive the latest investment trust information from Baillie Gifford by . Our online communications include: Monthly bulletins every month we ll send you our online investment trust bulletin that contains links to the latest trust factsheets Video interviews with online video interviews you can get the latest information direct from the investment managers. Trust Magazine Trust magazine is the free, award-winning magazine from Baillie Gifford for articles, news and views on investment trusts. Get your copy by calling our Client Relations Team on or us at Take control We won t constantly fill your inbox with irrelevant s and you can choose what information to receive. You can also stop and start s as and when you wish. It s easy to sign up The whole process only takes a couple of minutes. Simply go to and sign up today. WE THINK THE SHEER PACE OF TECHNOLOGICAL CHANGE IS MISPERCEIVED BY THE MARKETS. 12

15 ISA and Share Plan Key Features Key Features of the Baillie Gifford Investment Trust ISA and Share Plan The Financial Conduct Authority is a financial services regulator. It requires us, Baillie Gifford Savings Management Limited, to give you this important information to help you decide whether our Share Plan or ISA is right for you. You should read this document carefully before making any decision to invest so that you understand what you are buying, and then keep it safe for future reference. Baillie Gifford is not required to assess how suitable these investments may be for you and your individual circumstances and therefore you will not benefit from the protection of the rules on assessing suitability. If you are in any doubt about how suitable any of these investments are for you, please contact an authorised intermediary for advice. Baillie Gifford does not provide individual investment advice. Introduction This Key Features document contains important information about the Baillie Gifford Investment Trust Share Plan (the Share Plan ) and the Baillie Gifford Investment Trust ISA (the ISA ), which you need to know about before deciding whether to invest. These Key Features should be read alongside the Terms & Conditions of the plans. We have used coloured headings in this document to help you find the areas that are relevant to you: Headings in blue relate to All Plans Headings in burgundy relate to Share Plans Headings in green relate to ISAs Where we have used the symbol beside text, more information may be found in our online factsheets at or by calling our Client Relations Team on

16 ISA and Share Plan Key Features Aims The aims of The Baillie Gifford Investment Trust Share Plan To allow you, a retail client, to buy shares in the investment trusts managed by Baillie Gifford & Co Limited, without using a stockbroker. The aims of The Baillie Gifford Investment Trust ISA To provide you, a retail client, with an investment vehicle with special tax advantages and to allow you to buy shares in the investment trusts managed by Baillie Gifford & Co Limited, without using a stockbroker. Your Commitment The Share Plan and ISA are designed to be long-term investments. After an initial investment has been made, there is no commitment to make any further subscriptions to the Investment Trust Share Plan or ISA and regular monthly subscriptions can be stopped at any time without charge. There are annual subscription limits set by law for investments into ISAs. Minimum investments Monthly investment Lump sum Transfers Additional lump sum per trust Share Plan From 30 for each trust chosen by you. (No maximum). From 250 for each trust chosen by you. (No maximum). From 250 for each trust chosen by you. (No maximum). From 250 for each trust chosen by you. (No maximum). ISA From 100 for each trust chosen by you. From 2,000 (minimum 1,000 for each trust chosen by you). From 2,000 (minimum 1,000 for each trust chosen by you). (No maximum). From 250 for each trust chosen by you. Maximum investments There is no overall maximum investment limit for the Share Plan. The law imposes annual subscription limits and ongoing eligibility requirements in relation to the ISA. Please see condition 6 of the Terms & Conditions for more detail. 14

17 ISA and Share Plan Key Features Risk Factors Any investment in an investment trust involves risk. You should be aware of the following risk factors that apply to the investment trusts we manage: Investment Trust Risk Scottish Mortgage Monks SAINTS Edinburgh Worldwide Japan Trust Shin Nippon Pacific Horizon Value can go down X X X X X X X Overseas investments X X X X X X X Emerging Markets X X X X Borrowing (Gearing) X X X X X X X Buy back shares X X X X X X X Liquidity X X X X X X X Derivatives X X X X X X X Property X Smaller/immature companies X X X Single country trusts X X Corporate Bonds X X Unlisted investments X X Charges to capital X X X Charges to income X X X X Income is less important X X X Unlikely to achieve any income X X Annual continuation vote X Five-yearly continuation vote X These risks are described in full overleaf. 15

18 ISA and Share Plan Key Features Risk Factors (cont.) Value can go down The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. The value of their shares and any income from them, can fall as well as rise and investors may not get back the amount invested. Overseas investments The trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up. Emerging Markets The trust invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment. Borrowing (Gearing) All the trusts can borrow money to make further investments (sometimes known as gearing or leverage ). The risk is that when this money is repaid by the trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the trust will make a loss. If the trust s investments fall in value, any invested borrowings will increase the amount of this loss. Buy back shares All the trusts can buy back their own shares. The risks from borrowing, referred to above, are increased when a trust buys back its shares. Pacific Horizon has discretion to tender up to five per cent of its shares twice a year. Derivatives The trust can make use of derivatives to obtain, increase or reduce exposure to assets and may result in the trust being leveraged. Derivatives are most often used to compensate for possible unfavourable currency and market movements. This may result in greater movements (down or up) in the net asset value of the trust. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the trust. A further risk exists in respect of the counterparty with whom the derivative transaction is made. Due care and diligence is exercised in the selection of counterparties, however, the possibility of the counterparty failing to pay sums due to the fund still remains. Property The trust has some direct property investments, which may be difficult to sell. Valuations of property are only estimates based on the valuer s opinion. These estimates may not be achieved when the property is sold. Smaller/immature companies Investment in smaller/immature companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller/ immature companies may do less well in periods of unfavourable economic conditions. Single country trusts The trust s exposure to a single market and currency may increase risk. Liquidity Market values for securities which have become difficult to trade may not be readily available, and there can be no assurance that any value assigned to such securities will accurately reflect the price the trust might receive upon their sale. 16

19 ISA and Share Plan Key Features Corporate Bonds Corporate bonds are generally perceived to carry a greater possibility of capital loss than investment in, for example, higher rated UK government bonds. Bonds issued by companies and governments may be adversely affected by changes in interest rates and expectations of inflation. Unlisted investments The trust s risk could be increased by its investment in unlisted investments. These assets may be more difficult to buy or sell, so changes in their prices may be greater. Charges to capital The following trusts charge a percentage of their investment management fee and borrowing costs (and property management for SAINTS) to capital; SAINTS 65%, Scottish Mortgage and EWIT 75%, which reduces the capital value. Also, where income is low, the remaining expenses may be greater than the total income received, meaning the trust may not pay a dividend and the capital value would be further reduced. Charges to income Charges are deducted from income. Where income is low, the expenses may be greater than the total income received, meaning the trust may not pay a dividend and the capital value would be reduced. Income is less important The aim of the trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the trust. Unlikely to achieve any income The aim of the trust is to achieve capital growth and it is unlikely that the trust will provide a steady, or indeed any, income. Annual continuation vote Shareholders in the trust have the right to vote at the Annual General Meeting on whether to continue the trust or wind it up. If the shareholders decide to wind the trust up, the assets will be sold and you will receive a cash sum in relation to your shareholding. Five-yearly continuation vote Shareholders in the trust have the right to vote every five years, on whether to continue the trust or wind it up. If the shareholders decide to wind the trust up, the assets will be sold and you will receive a cash sum in relation to your shareholding. The next vote will be held at the Annual General Meeting in November In addition You should note that tax rates and reliefs may change at any time and their value depends on your circumstances. The following risk factors only apply to investment in the ISA The favourable tax treatment of ISAs may change. You should be aware that in the case of a transfer, if you change your mind and exercise any cooling-off rights (if applicable) your previous ISA manager is under no obligation to accept your proceeds back. In this case, all tax benefits will be lost. If your previous ISA manager accepts your money back, there may be costs involved. You should also note that during an ISA transfer the transfer proceeds will be uninvested for a period of time (between the sale of the existing holdings and the reinvestment of the proceeds following the end of any cooling-off period) and therefore they are exposed to the risk of missing any rise in the market during that time. Please also remember that charges, including an annual management charge, apply to ISA investments. The overall impact of these charges on small subscriptions will be much higher in percentage terms than on larger subscriptions. 17

20 ISA and Share Plan Key Features Your Questions Answered The Share Plan What is the Share Plan? The Share Plan allows you to buy shares in the investment trusts managed by Baillie Gifford & Co Limited, without using a stockbroker. Features: No initial or annual plan charges* Invest a lump sum from 250 or monthly from just 30 No overall maximum investment Stop and start saving at any time. You may not invest in the Share Plan if you are a citizen of, national of, or resident in, a country other than the UK: where such investment would require the Share Plan or us to comply with local laws, and/or where it is prohibited by that country s exchange controls or other regulations. It is your responsibility to satisfy yourself that you are permitted to invest in the Share Plan. Can I invest in the Share Plan? You may be interested in the Baillie Gifford Investment Trust Share Plan if you: want to invest either monthly or with lump sums are financially aware, prepared and able to take your own investment decisions or are prepared to seek financial advice are prepared to take the risks associated with stock market investment (see pages 15 17) appreciate the value of professional fund management are looking for an investment vehicle which is cost effective, flexible, and offers a choice of investment trusts are looking for a long-term investment are aged 18 or over. You can apply individually or jointly with up to three other people. Subscriptions may be made into a Share Plan held by another person as a gift to that person (which we refer to as a donor ). We will need the full name and address of the donor in order to meet our requirements under the antimoney laundering regulations. Please see condition 6 of the Terms & Conditions for more information. *Further details of charges are given on pages 23 to 25 of this application pack. 18

21 ISA and Share Plan Key Features Your Questions Answered The ISA What is the ISA? An ISA is an investment vehicle with special tax advantages. The Baillie Gifford Investment Trust ISA allows you to buy shares in the investment trusts managed by Baillie Gifford & Co Limited, without using a stockbroker. It is available as a stocks and shares account only. Baillie Gifford does not offer cash ISAs. If you do not subscribe the full ISA allowance for a tax year, you will not have used your full tax benefits for that year and subscriptions cannot be backdated. Features: Tax-efficient investment No set-up charge* Annual management charge of just VAT (see condition 14 of the Terms & Conditions) Lump sum investment from 2,000 up to the annual ISA maximum Invest monthly from 100. ISA Transfers Transfer existing ISAs from other plan managers Consolidate your plans Minimum transfer value 2,000. The value of any tax reliefs will depend on your individual circumstances and tax rates and reliefs, as well as the tax treatment of ISAs could change at any time. Can I invest in the ISA? You may be interested in the Baillie Gifford Investment Trust ISA if you: want to transfer an existing ISA or open a new ISA want to benefit from any tax reliefs available want to invest either monthly or with lump sums are financially aware, prepared to take your own investment decisions or are prepared to seek financial advice are prepared to take the risks associated with stock market investment (see pages 15 17) appreciate the value of professional fund management are looking for an investment vehicle which is cost effective, flexible, and offers a choice of investment trusts are looking for a long-term investment. You can only invest in our ISA if you: are aged 18 or over are resident in the UK for tax purposes have not subscribed to another stocks and shares ISA in the current tax year are investing only in your own name. It is your responsibility to satisfy yourself that you are permitted to invest in the ISA. If your spouse or civil partner dies you may be able to claim an additional ISA allowance. Please contact us for more information on our Additional Permitted Subscriptions facility. *Further details of charges are given on pages 23 to 25 of this application pack. 19

22 ISA and Share Plan Key Features Your Questions Answered Investing How do I invest? There are two ways to open a Share Plan or ISA: 1. You can complete and return the relevant application form(s) together with a personal cheque for your initial investment. The Share Plan can also be used to invest periodic and/or regular gifts from a donor by completing the relevant donor section of the application form. 2. You can apply through our Online Management Service (OMS). To access OMS, please log on to When subscribing by Direct Debit initial payment must be made by cheque unless you apply online through OMS, in which case you may make your initial payment by debit card. Your Direct Debit will start on receipt of your initial investment and mandate (or whichever is later) but will start shortly thereafter (i.e. due to timing it is possible that the cheque and Direct Debit may invest within the same month). We will not accept instructions which specify a maximum or minimum price or the timing of the purchase. We may delay processing your instructions if we cannot satisfactorily complete our anti-money laundering procedures. Please note: if you do not submit appropriate verification documents for all person(s) named on the application form, including any donor for Share Plans, we will return the full application form to you unprocessed. Please refer to condition 5 of the Terms & Conditions for more information. We will only accept instructions from the registered holder(s) of the Share Plan. This means if a donor makes payments into the Share Plan we will not accept instructions from them and will only apply the payments received in accordance with the instructions put in place from time to time by the registered holder(s). What other investment options are available to me? You may make top up investments at any time, subject to the minimum amount of 250 per investment trust. Switches between the investment trusts that you hold in your plan(s) are also available. When are the shares bought? Shares are bought on dealing days these are normally Tuesdays and Fridays. You should note that dealing cut-offs apply for more information see condition 5(g) of the Terms & Conditions. Initial investment: Share Plan Shares will be bought on the first available dealing day. ISA After the end of any cooling-off period, if applicable, and once your ISA has been opened, the shares will be bought on the first available dealing day. For more information about the cooling-off period see Can I change my mind? on page 21. Share Plan/ISA monthly investments: your subscription will normally be collected from your bank or building society account on, or soon after, the 1st or 15th of each month as specified by you on the Direct Debit Mandate. Only one collection date can be chosen. If you don t specify your preferred collection date in the Direct Debit Mandate, we will collect your payment on the 1st of each month. The shares will be bought on the next dealing day after the funds have cleared. It will take up to three business days for funds collected by direct debit to clear. How long will my Direct Debit for my Share Plan or ISA continue? Once started, your monthly Direct Debit Mandate will continue until you notify us and/or your bank or building society otherwise. Once stopped, your subscriptions will remain invested in your previously selected investment trust(s). Where you opt to make monthly investments in the ISA in one tax year, the application form, Direct Debit Mandate and any subsequent instructions you provide will remain valid into the new tax year. This means a new ISA will be automatically opened for you in the new tax year, and we will continue to request investments by Direct Debit into subsequent tax years, unless you tell us in writing that you do not want this to happen. 20

23 ISA and Share Plan Key Features Can I change my mind? Share Plan The Share Plan has no cooling-off period or cancellation rights. Your Share Plan may only be closed in accordance with the Terms & Conditions (see condition 11). ISA When you invest directly in the Baillie Gifford Investment Trust ISA without taking advice from an authorised intermediary, you cannot cancel your application. If you invest after taking advice from an authorised intermediary, you have seven days to cancel your application, which is known as the cooling-off period. How does the ISA cooling-off period work? If you have invested after taking advice from an authorised intermediary, the ISA s cooling-off period of seven days will apply from the day after the day we receive your application form and initial subscription. If you have taken advice from an authorised intermediary, any transfers in from another ISA manager will have a seven day cooling-off period that applies from the day after the day we receive your completed application form. We will not open your ISA during the cooling-off period and your money will remain uninvested during this period. Please refer to condition 4 of the Terms & Conditions for more information. You may withdraw your application to open your ISA at any time during the cooling-off period. To do so, you must inform us by completing the cancellation form and sending it to us. However, we must receive your cancellation form before the end of the cooling-off period. Once your ISA has been opened you may only close it in accordance with the Terms & Conditions (see condition 11). Will interest be paid on any cash held within my Share Plan or ISA? Interest is accrued daily on all cleared, uninvested cash balances held in your plan. This interest is not paid out to you or credited to your plan. What are my options regarding dividends? Dividends will either be reinvested automatically; or You can choose to have them paid to your bank or building society account. This does not have to be the same account from which your Direct Debit payments are collected. If you want payment to go to another account you must instruct us in writing. Please refer to condition 8 of the Terms & Conditions for more information. The relevant dividend payment dates for the individual investment trusts can be obtained by contacting our Client Relations Team on

24 ISA and Share Plan Key Features Your Questions Answered Tax How does tax affect investments in the Share Plan and ISA? Baillie Gifford is unable to give specific tax advice and the following comments are only meant as a guide. These comments apply to UK residents only and not to any other type of taxpayer. You are recommended to seek professional advice. You should be aware that investment trusts are subject to corporation tax on their income and may therefore have a corporation tax liability. Investment trusts are not, however, subject to corporation tax on their capital gains. Income Tax Share Plan If dividends are received in your plan then, depending on your circumstances, you may have a further liability to tax. This is irrespective of whether the dividends are paid to you or reinvested. You should consult a professional adviser for advice on your tax position. ISA You will not be taxed on income arising on investments held within an ISA. Capital Gains Tax Share Plan If you sell or transfer your Share Plan you may be liable for Capital Gains Tax (CGT). Every person has a CGT allowance for each tax year and you should seek professional advice. ISA You will not be taxed on capital gains on investments whilst they are held within an ISA. Any losses on ISA investments will not be allowable losses for the purposes of Capital Gains Tax against capital gains arising outside your ISA. Inheritance Tax This is a complex area and specialist advice should be sought. Share Plan There are various exemptions available to exclude or otherwise reduce the potential impact of Inheritance Tax. Specialist advice should be sought. ISA Tax benefits for ISA investments cease on death. An investment in an ISA will remain in the holders estate for Inheritance Tax purposes. If your spouse or civil partner dies you may be able to claim an additional ISA allowance. Please contact us for more information. General note applicable to all taxes You should consult a professional adviser for advice on your tax position. You can also get additional information from your local tax office and the HM Revenue & Customs website You should also bear in mind that the benefit to you of any of the tax treatments outlined above will depend on your individual circumstances and that tax rates and reliefs, as well as the tax treatments outlined above, can change. The information given here is based on our understanding of current UK law and HM Revenue & Customs practice as at the date of this document. 22

25 ISA and Share Plan Key Features Your Questions Answered Charges With the exception of the ongoing charges figures, the figures on pages 23 to 25 are based on each individual trust s reporting dates, which are as follows: Trust Reporting Date Scottish Mortgage 30 September 2015 Interim Monks 31 October 2015 Interim SAINTS 31 December 2015 Annual Edinburgh Worldwide 31 October 2015 Annual Japan 31 August 2015 Annual Shin Nippon 31 July 2015 Interim Pacific Horizon 31 July 2015 Annual What are the charges? We do not currently charge an initial charge or dealing charge for investment in the Share Plan or ISA. Charges will be applied in the Share Plan and ISA for withdrawals. In addition, for the ISA, the following additional charges will apply: Annual management charge ( VAT, payable in two instalments of VAT) Transfers out ( 32.50) Re-registration charge ( 32.50). When you open an ISA we will charge you the full VAT for periods of less than six months at the next charge date. If you close your ISA we will charge a proportion of the annual management charge based on the number of days since the last charge date. Further details, including when these charges apply and how they are applied are given in the Terms & Conditions (see condition 14). There are also charges incurred by the investment trusts relating to the management and administration of their portfolios. These are explained in more detail opposite. How are charges deducted from my ISA? The annual management charge will be collected from any available cash balances in your ISA. Where this is insufficient, shares will be sold to raise enough cash. Alternatively, the facility to pay the annual management charge by Direct Debit is available. If you would like to do this, please contact the Client Relations Team on What are the costs of managing the investment trusts portfolios? In addition to any other charges set out in this section, there are charges and expenses borne directly by the investment trusts relating to the management and administration on their portfolios. The ongoing charges figure is the operating costs of managing an investment trust expressed as a percentage of its average net assets. The current ongoing charges figure for each of the trusts is shown below. These are updated annually and shown in each trusts Annual Report and Accounts. Trust Ongoing Charges Annual Report dated Scottish Mortgage 0.48% 31 March 2015 Monks 0.58% 30 April 2015 SAINTS 0.93% 31 December 2015 Edinburgh Worldwide 0.93% 31 October 2015 Japan 0.90% 31 August 2015 Shin Nippon 1.14% 31 January 2015 Pacific Horizon 1.02% 31 July

26 ISA and Share Plan Key Features Your Questions Answered Charges (cont.) What is the effect of charges and expenses? The following tables are for illustrative purposes only and are to help you compare the charges of our Share Plan and ISA with charges made by other investment products. What you might get back is not guaranteed. Scottish Mortgage has been used in these examples as it is the largest investment trust available for investment in the Share Plan and ISA. The calculations in the following tables have been derived as follows: It has been assumed that no commission has been paid to an authorised intermediary A withdrawal charge is charged on most sales and this has been deducted For the ISA, an annual management charge including VAT has been deducted A dealing price spread* has been deducted from the initial investment, together with government stamp duty A deduction has been made for annual charges incurred in managing the investment portfolio. These include the investment management fees, auditor s fees, directors fees, dealing costs and other administration charges associated with the running of the investment trusts such as bank and custodial charges and irrecoverable VAT. The tables are based upon information extracted from the latest published Annual/Interim Reports at the time of preparation of these Key Features; no allowance has been made for dividend growth and any income has been assumed to be reinvested. Scottish Mortgage Share Plan The effect of charges and expenses on a lump sum investment of 1,000 and monthly savings of 50, assuming investment growth of 4.5% a year and a spread of 0.66% (including government stamp duty of 0.5%), is set out below. The 4.5% growth rate has been used as an example of how the Trust might perform. A lump sum investment of 1,000 At end of year Investment to date Effect of deductions to date What you might get back assuming 4.5% growth p.a. 1 1, , , , , , , ,440 Monthly Savings of 50 At end of year Investment to date Effect of deductions to date What you might get back assuming 4.5% growth p.a , , , , , ,270 The last rows in the above tables show that over 10 years, the effect of the total charges and expenses could amount to 109 on a lump sum investment of 1,000 and 275 on monthly savings of 50. Putting it another way, this would have the same effect as bringing investment growth from 4.5% a year down to 3.7% a year on a lump sum investment of 1,000 and to 3.8% a year on monthly savings of 50. *The dealing price spread is the difference on any day between the buying and selling price of an investment trust s shares, as set by the market makers. Market makers hold shares and trade in them. 24

27 ISA and Share Plan Key Features The equivalent reductions in yield over 10 years for the other investment trusts available in the Share Plan are shown in the table below: Investment Trust Based on a lump sum investment of 1,000 Reduction (from 4.5%) in investment growth to: Based on monthly savings of 50 Reduction (from 4.5%) in investment growth to: Monks 3.6% 3.7% SAINTS 3.0% 3.0% Edinburgh Worldwide 3.3% 3.2% Japan 3.3% 3.2% Shin Nippon 3.1% 3.1% Pacific Horizon 3.0% 2.9% Scottish Mortgage ISA The effect of charges and expenses on a lump sum investment of 3,000 and monthly savings of 250, assuming investment growth of 5.0% a year and a spread of 0.66% (including government stamp duty of 0.5%), is set out below. The 5.0% growth rate has been used as an example of how the Trust might perform. A lump sum investment of 3,000 At end of year Investment to date Effect of deductions to date What you might get back assuming 5.0% growth p.a. 1 3, , , , , ,460 Monthly Savings of 250 At end of year Investment to date Effect of deductions to date What you might get back assuming 5.0% growth p.a. 1 3, , , , , , ,000 1,850 36,800 The last rows in the above tables show that over 10 years, the effect of the total charges and expenses could amount to 821 on a lump sum investment of 3,000 and 1,850 on monthly savings of 250. Putting it another way, this would have the same effect as bringing investment growth from 5.0% a year down to 3.1% a year on a lump sum investment of 3,000 and to 4.1% a year on monthly savings of 250. The equivalent reductions in yield over 10 years for the other investment trusts available in the ISA are shown in the table below: Investment Trust Based on a lump sum investment of 3,000 Reduction (from 5.0%) in investment growth to: Based on monthly savings of 250 Reduction (from 5.0%) in investment growth to: Monks 3.0% 3.9% SAINTS 2.4% 3.3% Edinburgh Worldwide 2.6% 3.5% Japan 2.6% 3.5% Shin Nippon 2.4% 3.3% Pacific Horizon 2.3% 3.2% 10 3, ,060 25

28 ISA and Share Plan Key Features Your Questions Answered Withdrawals Can I make withdrawals from my Share Plan and ISA? Yes. You can sell some, or all, of your shares by giving notice in writing by post or by fax (provided that in the case of faxes the original signed instruction follows in the post), or online through OMS. Please note that dealing on OMS is restricted to accounts with one holder. There is usually a charge for withdrawals, and minimum limits may apply. Can I close my Share Plan or ISA? Yes. You can close your Share Plan or ISA at any time. Please see condition 11 of the Terms & Conditions. Can I transfer my ISA to another ISA manager? Yes. You may transfer your Baillie Gifford ISA to another ISA manager. There is usually a charge for transfers, and minimum limits may apply. Please see condition 10 for more information. 26

29 ISA and Share Plan Key Features Other Important Information What statements will I be sent? We will send communications to you by post, to the last address notified by you. You will be deemed to have received these forty-eight hours after posting. We will send communications only to the first-named holder on your plan. Please note that donors will not receive any communications from us and we will not share any information about the plan with them. We will acknowledge receipt of any application to make: a lump sum investment any subsequent top-up investment initial monthly investments; or a transfer. We will then send you a contract note, no later than the business day following the dealing day on which your shares were bought. We will not send contract notes for regular monthly contributions or reinvestment of dividend income. We will send half-yearly statements within 25 business days of 5 April and 5 October each year. These will contain: a valuation statement and a transaction statement (which will be made up of cash, stock and income statements). If any income has been generated in your plan, we will send you a consolidated tax voucher and dividend statement annually in April. You should check contract notes and half-yearly statements carefully and let us know immediately if there are any discrepancies or you have any queries. Uninstructed changes to account information, or failure to receive expected contract notes, half year statements, sales proceeds or dividend payments within the normal deadlines should be reported to us immediately. Will I be sent any other documents? We will also send you the annual and interim reports of the investment trust(s) in which your Share Plan and/or ISA are invested. No share certificates will be issued. You will receive notice of annual and other shareholder meetings. You may apply to attend, speak and vote at those shareholder meetings for the investment trust(s) in which you have invested by indicating your wish to do so on the form of direction which will be sent to you before each meeting. You will also have the right to instruct the nominee how to vote on your behalf on any resolution by completing the form of direction. What information will joint-holders receive? All communications will only be sent to the first-named holder. Where can I find details of the investment trusts share prices and other information? Figures are published daily on our website at and in the Financial Times. Alternatively, you can obtain the previous day s mid-market closing prices by calling Client classification We are required to classify all of our clients and notify them of their classification. By applying to invest in the Share Plan or the ISA, you will be classified as a retail client. This provides the highest level of protection. What are my rights in the event of a bonus or rights issue or similar event? It will not be possible to give advance notification or accept new cash subscriptions specifically for rights issues. The half-yearly statement will contain details of any shares allotted to your Share Plan or ISA under any scrip or bonus issues. Further details of your rights are given in condition 18(e) of the Terms & Conditions. 27

30 ISA and Share Plan Key Features Other Important Information Tax Reporting Share Plan In order to fulfil our legal obligations in respect of certain tax regulations we are required to collect mandatory information about your tax residency. We require you to provide a self certification including, if you are not resident for tax purposes in the UK, details of the tax reference number of all individual shareholder s within the plan contained within the application form where appropriate. We reserve the right to refuse your application or transfer of shares until we receive a declaration as to your tax residency in the form prescribed by us. Under certain circumstances we may be required to report your personal details along with details of your investment(s) to HM Revenue & Customs. This information may be passed on to other jurisdictions tax authorities such as the Internal Revenue Service (IRS) of the US if you are a US person. Applications Through OMS We will send you a self-certification form by post for completion and return under separate cover. Under certain circumstances, including if you do not return this form, we may be required to share information on your account with HMRC. If you require any further information please contact us using the details in the How to Contact Us section (see page 29). Who do I complain to if I am dissatisfied? You can contact our Client Relations Manager at: Baillie Gifford Savings Management Limited PO Box Chelmsford CM99 2DU who will supply you with a copy of our internal complaints handling procedure. Complaints we cannot settle can be referred to: The Financial Ombudsman Service Exchange Tower London E14 9SR Or go to Making a complaint will not prejudice your right to commence legal proceedings. Am I entitled to compensation? We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Most types of investment business are covered for 100% of investments up to 50,000. Further information about compensation arrangements is available from: The Financial Services Compensation Scheme 10th Floor Beaufort House 15 St Botolph Street London EC3A 7QU 28

31 ISA and Share Plan Key Features How to contact us Postal applications and instructions in writing for your Share Plan or ISA should be sent to: Baillie Gifford Savings Management Limited PO Box Chelmsford CM99 2DU Fax: It is very important that you send all written instructions to the above address otherwise implementation of your instructions may be delayed. If you require further assistance or information about our products and services or need any help using our Online Management Service, please: call the Client Relations Team on visit our website at or us at or fax us on Don t forget: Where we have used the symbol beside text, more information on the subject may be found in our online factsheets at If you require any financial advice or are concerned about the suitability of these investments for you, please contact an authorised intermediary. Your call may be recorded for training or monitoring purposes. This document has been issued and approved by Baillie Gifford Savings Management Limited (BGSM). BGSM provides investment trust Share Plans and ISAs and is the manager of The Baillie Gifford Investment Trust Share Plan and The Baillie Gifford Investment Trust ISA. BGSM is an affiliate of Baillie Gifford & Co Limited, which is the manager and secretary of all the investment trusts listed in this application pack. Investment trusts are listed on the London Stock Exchange and are not authorised or regulated by the Financial Conduct Authority. BGSM and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority and are based in Scotland at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Both companies are listed on the Financial Services Register, Firm Reference Number (BGSM) and (Baillie Gifford & Co Limited). The Financial Conduct Authority is based at 25 The North Colonnade, Canary Wharf, London E14 5HS. All data is at 29 February 2016 unless otherwise indicated. 29

32 ISA and Share Plan Terms & Conditions Terms & Conditions The Baillie Gifford Investment Trust Share Plan The Baillie Gifford Investment Trust ISA Terms & Conditions (the conditions) This document sets out the terms and conditions of The Baillie Gifford Investment Trust Share Plan and The Baillie Gifford Investment Trust ISA. We have also split the conditions into sections to help you find the areas that are relevant to your plan using coloured headings: Headings in blue relate to all plans Headings in burgundy relate to Share Plans Headings in green relate to ISAs Headings in orange relate to OMS 30

33 ISA and Share Plan Terms & Conditions 1. Parties to this Agreement All Plans: This is an agreement between you and us for a plan (meaning a Share Plan or an ISA). (a) We are Baillie Gifford Savings Management Limited, Calton Square, 1 Greenside Row, Edinburgh EH1 3AN (and references to us and our have the same meaning). We are authorised and regulated by the Financial Conduct Authority and entered on the Financial Services Register (number ). Our main business is to provide investment trust Share Plans and ISAs. References to we, us and our include our successors and assignees, as well as our administrator where necessary. (b) You are the holder of the ISA. In the case of a Share Plan, you are the holder(s) of the Share Plan, as set out in the Share Plan Application Form (and references to your have the same meaning). Share Plan: (c) Unless a particular condition says otherwise, where there is more than one of you then references to you will be to all of you, jointly and individually, and any instructions we need in writing from you must be signed by all of you. 2. How this Agreement is Made Up All Plans: (a) This agreement is made up of (1) the application form for a plan and (2) these conditions, as amended by us from time to time. (b) Most of these conditions apply to each type of plan (Share Plan and ISA) and this is indicated by the heading All Plans. Some conditions however only apply to some type(s) of plans. These special conditions are pointed out in the text where they are relevant using differently coloured headings (Share Plan or ISA). (c) Some of the conditions only apply to the Online Management Service ( OMS ). These additional special conditions are pointed out in the text where they are relevant using differently coloured headings (OMS). These additional conditions will only take effect once you access OMS and have agreed to these additional special conditions. 3. Defined Terms Used in this Agreement All Plans: (a) Defined terms are shown in bold text. In addition to the terms we have already defined above, here is a list of other defined terms we use in this agreement: administrator: the companies we appoint from time to time to carry out the day-to-day administration of the plan. The current companies we have appointed are International Financial Data Services (UK) Limited and International Financial Data Services Limited (together and individually known as IFDS ). The registered address of IFDS is IFDS House, St Nicholas Lane, Basildon, Essex SS15 5FS, but any written instructions relating to your plan should always be sent to Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU. The administrator will act as our agent in its dealings with you. application form: the form which you must either complete, sign and post to us, or complete online through OMS to open a plan. APS: an Additional Permitted Subscription, meaning an additional subscription which you can, subject to eligibility criteria prescribed by law, apply to make into your ISA following the death of your spouse or your civil partner within the permitted period. APS allowance: the aggregate value of your deceased spouse s or civil partner s ISA(s) on death, up to which value may be invested as an APS with an ISA manager in line with their terms & conditions. APS application form: the applicable form or forms for subscribing your APS allowance to your ISA. business day: any day (excluding Saturdays, Sundays and public holidays) on which banks are open to conduct normal banking business in London. cancellation form: the form which is either included with your ISA application form or which you may download as part of that application pack from custodian: the company we appoint from time to time to keep safe custody of the shares forming part of your plan. The current custodian is State Street Bank and Trust Company acting through its UK branch at 20 Churchill Place, Canary Wharf, London E14 5HJ. dealing day: each Tuesday and Friday or, if they are not business days, the next business day on which the London Stock Exchange is open for business. 31

34 ISA and Share Plan Terms & Conditions donor: a third party identified in the Share Plan application form and subsequently by you who contributes to your Share Plan by way of gift. equipment: equipment outside of our control which you use to access OMS. holder: the person(s) identified as such in the application form. The holder(s) is the legal owner(s) of your plan and the person(s) from whom we will take instructions. instructions: the instructions, notices and communications you give us from time to time. investments: the assets (cash and shares) held in your plan from time to time. investment trust: (i) any investment trust managed by Baillie Gifford & Co Limited (one of our associates) or (ii) on a temporary basis any investment trust formerly managed by Baillie Gifford & Co Limited or which is in the process of transferring management to Baillie Gifford & Co Limited, that we allow a plan to invest in from time to time. in writing: signed written notification sent to us by post or fax. Where there is more than one of you any notification must be signed by all of you. ISA: where you have applied for a Baillie Gifford Investment Trust ISA the ISA (including the underlying investment trusts) you selected in your application form. We are the ISA manager. law: the laws, rules, regulations and guidance that apply to us, to the plan and to our dealings with you under this agreement from time to time. nominee: the company appointed and controlled by the custodian or one of its affiliates from time to time to act as the registered holder of the shares forming part of your plan. office hours: 9am to 5pm on any business day. OMS: the online management service offered by us via our website which enables you to apply for, open and administer your plan online. password: your personal password to access OMS. permitted period: in relation to the making of an APS into your ISA, the period of time prescribed by law beginning with the date of death of your spouse or your civil partner and ending either (i) three years thereafter; or (ii) 180 days after the administration of the estate is complete, whichever is the later. plan: a Share Plan or an ISA. services: the services (as detailed in condition 16) we provide to you under this agreement. share: a share in one or more underlying investment trusts of your Share Plan or ISA. Share Plan: where you have applied for a Baillie Gifford Investment Trust Share Plan, the Share Plan (including the underlying investment trusts) selected in the application form. tax year: a year beginning on 6 April in any year, and ending on 5 April in the following year. third party processor: any and each third party subcontractor and/or agent appointed by us and/or our administrator as our data processor. 4. Application and Cancellation All Plans: (a) Plans are only available to holders who are aged 18 or older. We can refuse any application for a plan in our absolute discretion. (b) For your right to close your plan once it is opened, see condition 11. Share Plan: (c) You cannot cancel your application for a Share Plan once your Share Plan is opened. ISA: (d) Law applies additional eligibility restrictions for ISAs. Plans are only available to UK residents. (e) When you invest directly in our ISA without taking advice from an authorised intermediary, you cannot cancel your application. If you invest after taking advice from an authorised intermediary, you have a period of seven days (known as the cooling-off period) within which to cancel your application. The period begins on the day after we receive: both the application form and the initial subscription; or the application form (in all other cases). 32

35 ISA and Share Plan Terms & Conditions If you want to cancel your application for an ISA, you must send us the cancellation form which we must receive before the end of the cooling-off period. (f) You cannot cancel a transfer of your APS allowance where the transfer is complete (for example, where you have begun to make payments towards your APS allowance). You may ask to cancel a transfer of your APS allowance while it is in the process of being transferred (however, this is subject to the agreement and willingness of the respective ISA managers). There may be a cooling-off period when you make your first payment using your APS allowance but please note that if you exercised this right and had already elected to transfer your APS allowance to us you would not be able to transfer your APS allowance elsewhere. Any subscriptions made to your APS allowance can be transferred to another ISA provider under the normal ISA transfer rules. If you have subscribed under your APS allowance, the ISA s cooling-off period of seven days may apply the day after you have subscribed under your APS allowance. However, please note that you can transfer your ISA at any time under the normal ISA transfer rules. Please see section 10 entitled Transfers. (g) We will not open your ISA until any cooling-off period has expired. In the meantime any money transferred to us will be held as cash. No interest will be paid on any cash held pending the opening of your ISA. If you exercise any right which you have to cancel during the cooling-off period, we will return your money (provided we have satisfactorily completed our client identification and anti-money laundering procedures) in accordance with our anti-money laundering procedures. If the investment was made by transfer of money from an existing ISA held with another manager, we will return the money to that manager. If this is not possible, and in all other cases, we will return the money to you. (h) If you do not exercise your right to cancel during any cooling-off period, this agreement will become binding on you once the cooling-off period ends. (i) You can make an APS into your ISA by completing the APS application form each time that you wish to make an APS. (j) You can make one or more APS, however they must not, in aggregate, exceed the APS allowance and must be made within the permitted period. 5. Accepting Your Instructions All Plans: (a) Unless we tell you otherwise, you should send all instructions either in writing or online through OMS. This does not apply to applications for an APS which must be in writing. (b) You should send all instructions in writing to us at the following address: Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU. (c) It is very important that you send all written instructions to the above address otherwise implementation of your instructions may be delayed. (d) Instructions will only be deemed to have been given to us if we actually receive them at the address given at condition 5(b) above. We will acknowledge receipt as soon as reasonably possible. Instructions will remain in place until cancelled or replaced. (e) We will not accept instructions if they: are unclear; are contrary to the terms of this agreement; or would cause us to breach any law. We will tell you when we cannot carry out your instructions. (f) We will normally only accept instructions from you. We will however accept certain instructions from your agent or representative, provided their appointment is acceptable to us and we have received suitable evidence of their authority. You should contact us if you are in any doubt about whether your representative is acceptable. (g) We will carry out all transactions on the next available dealing day. Please note that this might not be the next actual dealing day. For example, this could be because: you do not give us instructions in time. We must receive instructions in writing no later than 5pm on the business day before the next dealing day or, if sending instructions online through OMS, we must receive instructions before midnight on the business day before the next dealing day; or your instructions are unclear and we have to contact you for clarification; or (in the case of a purchase) we do not have (or we do not believe we have) sufficient cleared funds from you; or 33

36 ISA and Share Plan Terms & Conditions of a systems failure, market conditions affecting the execution or settlement of transactions or other event beyond our reasonable control. We will not accept any instructions from you concerning the timing of any sale or purchase, the maximum or minimum price of shares to be bought or sold, or the maximum or minimum number of shares. (h) We can ask for proof of identity from you or any donor at any time, in order to comply with our duties under law. We can also use electronic checking services in order to satisfy our anti-money laundering requirements at any time. We can delay payments and transfers, or prevent any activity on your plan, if we cannot satisfactorily complete our anti-money laundering procedures. OMS: (i) We reserve the right in our absolute discretion not to accept or carry out instructions sent online through OMS without first receiving confirmation in writing. We will tell you when we require any instructions from you in writing in this case. (j) We will only accept instructions from you or which we believe came from you. (k) Where you send us instructions online through OMS to buy, sell or switch investments we will provide you with confirmation of your order on screen. In some cases we will also send a contract note giving details of the transaction to you by post see condition 18 for more information. (l) Share Plans with more than one holder have restricted access and you may not provide dealing instructions electronically. All such instructions must be in writing and must be signed by all of you. You will, however, be able to change the address, phone number, and data protection preference that we hold for you. 6. Investing in Your Plan All Plans: (a) Payments must be in sterling drawn on a UK bank or building society. (b) Payments can be made into your plan in the following ways, by: Cheque; Monthly Direct Debit (excluding APSs); or Debit Card (through OMS only and excluding APSs). Other than investments made online by debit card through OMS, all initial investments into your plan must be made by cheque. Where payment is made by cheque you confirm that payment will be received in full on first presentation. Monthly Direct Debits: We will collect Direct Debit payments either on the 1st or the 15th of the month, or the next business day where these dates do not fall on a business day. If you do not tell us whether you would prefer us to collect your payment on the 1st or the 15th of the month, we will always make the collection on the 1st. We will only accept one Direct Debit payment mandate per plan. We will treat the funds as having cleared three business days after collecting the payment; If two consecutive attempts to collect a Direct Debit fail, we can suspend further collections until we receive new instructions from you. Direct Debit Instructions will remain in place until cancelled or replaced. This means that, for ISAs, we will open a new ISA for you in each subsequent tax year unless you change or cancel your instructions. Subject to investment restrictions (maximum and minimum amounts), you can instruct us to cancel or change the amount of the monthly Direct Debit payment into your plan at any time. You will also need to notify the bank or building society from which payment is made. In any case, your instruction will take effect up to ten business days after we receive it. You can instruct us at any time to change which investment trusts any monthly contributions your plan will be invested into in the future. Provided we receive your instructions more than ten business days before the next Direct Debit payment date, your new instructions will be applied when investing the next payment. 34

37 ISA and Share Plan Terms & Conditions Debit card payments through OMS: we will not process your instruction until your bank has authorised payment. You must provide full debit card details to enable us to complete your application. c) Investment Restrictions: the minimum amounts which can be invested into your plan are as follows: Minimum Share Plan ISA Monthly Investment Initial Lump Sum Investment Subsequent Investment 250 2,000 (subject to a minimum holding of 1,000 per investment trust) Holding 250 2,000 (subject to a minimum holding of 1,000 per investment trust) Transfer 250 2,000 (subject to a minimum holding of 1,000 per investment trust) The maximum amounts which you can invest into an investment trust through your Plan are as follows: Share Plan: There is no overall maximum. ISA: The ISA is not a flexible ISA. Withdrawals are subject to condition 9. Law imposes annual subscription limits and ongoing eligibility requirements in relation to ISAs. The above investment limits are subject to those restrictions. Law imposes the amount which can be invested as an APS. The APS must not exceed the aggregated value of your spouse or civil partner s ISA which they held at the date of their death (including any income accrued, but not paid or credited to the ISA at the date of death. If you send us a payment that exceeds your APS allowance, we will return the whole amount to you by cheque without accepting any payment. If you transfer cash in from another ISA in your name, there is no maximum transfer value. Share Plan: (d) Payments or transfers may be made by you. In addition, we will accept payments from a donor provided that we satisfy our anti-money laundering requirements and any other duties which we may have under law. We will not be able to accept any instructions from a donor making a payment or series of payments into a Share Plan and any payments will be applied in accordance with the instructions which you have in place from time to time. We will not accept any payments from a donor online through OMS. ISA: (e) We will only accept payments or transfers made by you. (f) We will only accept APS payments within the permitted period. We will not accept payments outwith this time. Please note if completion of the estate takes longer we will need to see evidence to allow further APS payments. 7. Buying and Selling Shares All Plans: (a) Once your plan has been opened we will buy shares in the investment trusts you have selected as part of your plan. We buy shares on the next available dealing day, provided we have clear instructions from you and we are satisfied (or have good reason to believe) that sufficient cleared funds have been given to us. (b) If we buy shares and the funds for the purchase do not clear, we will sell the shares on the next available dealing day. If the value of the shares has fallen since the date of purchase, you will be liable for any shortfall. We can also charge you for any losses and costs we incur. 35

38 ISA and Share Plan Terms & Conditions (c) We will only buy and sell whole shares (not fractions). We can sell fractions of new shares which are allotted by the investment trusts as part of a capitalisation or rights issue. Subject to any minimum sale value we may decide from time to time, we will allocate the proceeds to you and carry forward any remaining cash balance for future investment. (d) You can instruct us at any time to change all or part of your shareholding in any investment trust(s). Any Direct Debit will remain unaffected by your instruction to switch unless you expressly tell us that you want your Direct Debit to be changed to invest in the investment trust(s) into which you have switched. There is no limit on the number of switches you can make and we do not charge you a fee for switching. (e) We may aggregate sale and purchase transactions with transactions for other people. This might mean you receive a more or less favourable price on some occasions than if each transaction had been carried out separately. (f) Orders which we receive from you to buy or sell shares are passed by our administrator to the brokers who we have appointed to execute plan orders. We have agreements in place with these brokers and have checked that they have in place order execution policies and procedures to take all reasonable steps to obtain the best possible result for us, taking into account a variety of factors, including venue (which will typically be the London Stock Exchange), and the price and cost of the transactions. We will monitor the effectiveness of these arrangements with the relevant brokers on a regular basis. Our aim is to have a reasonable process for obtaining the best possible result on a consistent basis. (g) We will not pay out any money until we have satisfactorily completed our anti-money laundering procedures. 8. Income, Interest and Unclaimed Balances All Plans: (a) Unless you have instructed us to pay income arising from your plan to you, we will reinvest any dividend income arising from shares in your plan into the investment trust that generated the income. We will do this on the next available dealing day, provided the income is at least sufficient to purchase one whole share in that investment trust. (b) You can instruct us to pay income to your bank or building society account. This does not have to be the same bank or building society account that any Direct Debit payments are collected from. If the accounts are different then you must instruct us in writing. Your written instructions will take effect on the next payment date. (c) We can keep any interest arising on cash balances in your plan. We will not pay you interest on your cash in any circumstances. (d) With effect from 1 June 2015 and subject to law, we may cease to treat as client money and pay to a registered charity of our choice, any balance that is allocated to you that we have held for at least six years since the last movement on your plan, and that we have not been able to pay to you so long as we have tried to contact you. 9. Selling All or Part of Your Plan All Plans: (a) You can instruct us at any time to withdraw some or all of your investments. Your instructions must contain the account number we allocate to your plan. In your instructions you must also set out either: the amount you want to withdraw, and from which investment trust(s); or how many shares you want to sell, and from which investment trust(s). If you send us faxed instructions, we will not send payment to you until we receive your original signed instructions. 36

39 ISA and Share Plan Terms & Conditions (b) Withdrawal restrictions: the minimum amount you can withdraw at any one time and the minimum remaining value of your plan are set out below. Minimum Share Plan ISA Withdrawal No minimum 500 Remaining value in your plan 250 2,000 If the remaining value in your plan falls below the amount stated in the table above, we can close your plan on giving you 30 calendar days prior written notice. (c) Withdrawals can only be made in cash. If you do not have enough cash in your plan to cover the withdrawal, we will sell shares to cover the balance. If you have simply told us how much cash you want to withdraw, we can decide which shares to sell at our sole discretion. (d) Charges normally apply for withdrawals. We will deduct any charge from the amount paid. See condition 14 for the current level of withdrawal charge. (e) Where you instruct us to withdraw some or all of your investments, we will not normally hold cash from a sale of shares in your plan and we will normally send you payment in respect of a sale of shares six business days after the relevant dealing day. (f) Where you have provided us with your UK bank or building society account details (and we have verified these) we will pay the proceeds into that account. Otherwise we will pay you by cheque. Where there is more than one of you, we will make cheques payable to all of you and will send these to the first-named person in your plan. We will not make any payments to a donor. Share Plan: (g) Where there is more than one of you, any UK bank or building society account must be in the name of all of you. We will also make any cheques payable to all of you and will send these to the first-named holder in your Share Plan. 10. Transfers Share Plan: (a) You can instruct us to transfer some or all of the shares in your Share Plan out of your Share Plan and into your name(s), or into the name(s) of someone else selected by you. Alternatively, you can instruct us to transfer some or all of your investments to a new Share Plan held by someone else. To do any of these things please contact us and we will send you the necessary documentation. We will not charge you in this situation. (b) If you transfer all of your investments then we might close your Share Plan (as explained in condition 11). ISA: (c) Subject to law, you can transfer the whole or part of your ISA to another ISA manager at any time. To do this, you must arrange for the new ISA manager to contact us in writing. Once we have suitable instructions from you and your new ISA manager, we will sell the shares in your ISA on the next available dealing day. We will send the net sale proceeds to your new ISA manager within the time stipulated by you, or seven calendar days, whichever is longer. (d) Alternatively, you can ask us to arrange for the shares in your ISA to be re-registered in the name of another ISA manager (or the manager s nominee company). (e) Charges will apply for transfers. We will deduct the charges from the amount transferred. We can sell shares in your ISA to cover the amount due if there is not enough cash to cover this. (f) If you transfer your ISA to another ISA manager any unused APS allowance does not transfer and will remain with us. ISA: (h) The ISA is not a flexible ISA. Annual subscription limits are not reduced where you have made a withdrawal. 37

40 ISA and Share Plan Terms & Conditions 11. Closing Your Plan Your Right to Close Your Plan All Plans: (a) You can instruct us to close your plan at any time. If you send us faxed closure instructions, we will not send payment to you until we receive your original signed instructions. Our Right to Close Your Plan All Plans: (b) We can close your plan at any time by giving you at least 30 calendar days prior written notice. Your plan will close once the notice expires. Share Plan: (c) We can close your Share Plan at any time, without giving you notice, in any of the following situations if: any of you are declared insolvent or made bankrupt (or in Scotland, sequestrated), or we discover that any important information you have given us is incorrect or false; or we have to do so to comply with law; or we cannot satisfactorily complete our anti-money laundering procedures; or you withdraw all of your investments, or if you instruct us to transfer all of your investments out of your plan (whether this is to a new plan, into your name(s) or into the name(s) of someone else). In the final situation listed above, we will not close your Share Plan if monthly Direct Debit payments are being made into your Share Plan and you confirm to us in writing (before the withdrawal or transfer is processed) that your Share Plan should remain open. What Happens on Closure ISA: (d) Where we give you 30 calendar days notice to close your plan, you can give us instructions in writing to transfer your ISA to another ISA manager. We will follow your instructions provided you give them to us before the notice period expires. (e) Where you close your ISA, or where we give you 30 calendar days notice of a change to this agreement which is to your disadvantage and you instruct us to close your ISA during the notice period, you can ask us to either (1) sell your shares and pay the net sale proceeds, together with any cash, to you; or (2) pay any cash to you and to transfer all your shares into your name or into the name(s) of someone else selected by you. (f) Where we close your ISA (and provided we do not receive your signed transfer instructions before any notice period expires), we will sell your shares and pay the net sale proceeds, together with any cash, to you. In each of these situations your ISA will no longer attract tax benefits. (g) If you close your ISA before you fully use your APS allowance in full, you can invest the remaining balance of the APS allowance with us in a new ISA provided you are still within the permitted period. Share Plan: (h) Where you have told us to close your Share Plan, you can instruct us in writing to pay any cash to you and to transfer all your shares into your name(s), or into the name(s) of someone else selected by you. You must send us your transfer instructions at the same time as you send us your closure instruction. If we do not receive your transfer instructions at the same time as the closure instruction, and in all other cases where we close your plan, we will sell your shares and pay the net sale proceeds, together with any cash, to you. (i) Where there is more than one of you, we will make cheques payable to all of you and will send these to the first-named person in your Share Plan. 38

41 ISA and Share Plan Terms & Conditions All Plans: (j) We will normally send you payment six business days after the relevant dealing day. We will pay you by cheque unless you have given us your UK bank or building society account details and we have verified your account details. We will send electronic payments to the account selected by you in your signed instructions to us by direct credit into your bank account (BACS). (k) This agreement will continue, notwithstanding transfer or closure of your plan, until all outstanding transactions and liabilities have been settled. We will carry out transactions in progress at the time of transfer or closure of your plan in the normal manner and will take reasonable steps to complete these within a reasonable time. Please note that due to the way our systems operate any income or Direct Debit payment received by us during the closure period may be invested by us in your plan. (l) Once you have closed your plan there may still be small cash amounts representing dividends or tax reclaims which are subsequently credited to your plan. We will send that money to you by cheque. If the cheque (or any replacement cheque which we may issue) is not cashed within a period of six years commencing on the date of the original cheque, we will then cease to treat those funds as client money. We may instead pay such funds to a registered charity in accordance with condition 8(d). 12. What happens on Death Share Plan: (a) If there is more than one of you, and one of you dies, the plan will be re-registered to the surviving holder(s) on receipt of acceptable evidence of death. If you are the sole holder of the Share Plan and we are informed of your death, we will continue to act in relation to your plan until we receive the death certificate and such other authority as we reasonably need. We will then accept instructions from your duly authorised personal representative(s) as to how your investments should be dealt with. ISA: (b) Tax benefits cease on death. If we are informed of your death we will continue to act in relation to your plan until we receive the death certificate and such other authority as we reasonably need. We will then accept instructions from your duly authorised personal representative(s) as to how your investments should be dealt with. (c) Subject to law, an eligible spouse or civil partner of a deceased ISA investor may be able to make an APS. The APS will not count towards their current tax year ISA subscription limit. 13. Void ISAs (a) Where we open an ISA, and we then discover that your application was invalid and neither you nor we are able to resolve the reason for invalidity, we will inform you that this has happened. We will close your ISA, sell all the shares in that plan and return the net sale proceeds (plus any cash) to you. We will charge you for doing this. (b) We will inform you if, by reason of any failure to satisfy any law applicable to ISAs, your ISA is (or will be) void or no longer entitled to any tax exemptions. 14. Charges All Plans: (a) Charges apply to your plan. Set out below is a summary table of our charging structure. Charge Share Plan ISA Annual Charge Nil VAT Switch Charge Nil Nil Cash Transfer Out Not Available Stock Transfer Out Nil plus additional registration charge of per trust 39

42 ISA and Share Plan Terms & Conditions Withdrawal Void Fee N/A 80 Government stamp duty (currently 0.5%) will also be payable on all share purchases. (b) We will take any charges or fees due from any uninvested cash in your plan. If there is insufficient cash we will sell down shares in your plan to pay for the outstanding fees. ISA: (c) The annual management charge is currently plus VAT and is calculated half-yearly ( plus VAT) in arrears, on 1 April and 1 October. (d) When you open an ISA we will charge you the full plus VAT for periods of less than six months at the next charge date. If you close your ISA we will charge a proportion of the annual management charge based on the number of days since the last charge date. (e) You can also choose to set up a Direct Debit to pay the annual management charge. The fees will be collected on 4 April and 4 October, or the next business day where these dates do not fall on a business day. If an attempt to collect the Direct Debit fails we will then sell down shares in your plan to pay for the outstanding fees (after using any uninvested cash in your plan). 15. Investment Restrictions and Risks All Plans: (a) Apart from holding cash, plans can only invest in ordinary shares in investment trusts. All shares are listed on the London Stock Exchange. From time to time we may allow you to invest in new issues of shares in investment trusts even if they are not yet listed on the London Stock Exchange, provided we are satisfied that the shares will be listed shortly. (b) Please note the section entitled Risk Factors in the Key Features document within the application pack. 16. Our Services and Duties All Plans: (a) We will provide you with the following services under this agreement: buying and selling shares in investment trusts in your plan on your instructions, on an execution-only basis (i.e. without giving you advice) and on the best terms that we reasonably think are available arranging safe custody of the shares held in your plan holding money received for investment in your plan keeping records of transactions in your plan and providing periodic statements. (b) We can appoint an administrator and/or nominee to carry out our duties under this agreement and we can delegate performance of our duties to them. We will satisfy ourselves that any person to whom we delegate our duties is competent and authorised to perform those duties. We remain responsible for any acts or omissions of those persons in relation to your plan. (c) We can carry out transactions in relation to your plan where we have a direct or indirect interest. For example, this might be because: we are sub-underwriting, managing or arranging the shares you wish to buy, or we have done so in the past; we are also dealing as principal in the same transaction; we are acting for another investor in the same transaction; or one of our associates is doing (or has done) any of these things. We can act in these circumstances without advising you of our interest. However, we will always ensure that we comply with our duty of best execution when acting for you. (d) Neither we, nor any administrator, nor any nominee will be liable to you for any profit that we or they make in connection with a plan. (e) We have a conflicts of interest policy to identify and manage conflicts of interest or material interests as they arise in order to ensure fair treatment of customers. In brief, this means that we will, on an ongoing basis, assess situations within our business activities that could potentially give rise to a conflict of interest or a material 40

43 ISA and Share Plan Terms & Conditions interest on our part. If a conflict of interest or material interest is identified procedures and measures will be put in place to manage the conflict or material interest in such a way that ensures you are treated fairly, or where it is impractical to manage the conflict, it will be disclosed. (f) Baillie Gifford & Co Limited receives management fees for managing the investment trusts. These fees are reflected in the share prices of the investment trusts. (g) The administrator and the nominee will charge for their services. For the Share Plan the investment trusts will bear these charges. For the ISA, the charges will be covered by the annual management charge paid by you. 17. Title to Investments All Plans: (a) We have appointed the custodian to keep safe custody of the shares in your plan. We will arrange for title to the shares in your plan to be registered in the name of the nominee. We will ensure that it is made clear that the shares belong to you and not to us or the nominee. Shares will be registered and pooled with shares belonging to other investors and will not be separately identifiable. This means that in the event of our insolvency, or that of any administrator, custodian or nominee appointed by us (or some similar event) any shortfall in the number of shares available to be returned to investors will be shared pro rata among the investors. (b) We will hold any cash in your plan in bank accounts with The Royal Bank of Scotland plc or such other recognised bank that we may select. The accounts will be denominated so as to make it clear that the money in that account belongs to you and not to us. We pool your cash with cash belonging to other investors. (c) You must not lend or grant security over any investments. (d) Subject to applicable law, so long as the custodian is owed any money for its safe keeping services in accordance with this agreement, it, its sub-custodian or nominee may retain possession of your shares as security. In the unlikely event that we are unable to pay the custodian for its services, the custodian could take possession of your shares. This could happen, for example, in the unlikely event that we become insolvent. (e) The custodian will hold any physical share certificates and other documents. 18. Transaction Reporting and Shareholder Information All Plans: (a) We will send you half-yearly statements relating to your plan, within 25 business days of 5 April and 5 October of each year. We will also send you a client money statement at least annually. In addition, if any income has been generated in your plan, we will send you a consolidated tax voucher and dividend statement annually in April. We will also send you a contract note within one business day of dealing (except in the case of monthly purchases by Direct Debit payments or reinvestment of dividend income (see condition 8)). We will also send copies to your authorised intermediary half-yearly. Where however there is more than one of you holding your plan jointly, we will only send statements, contract notes and other documents to the first-named holder and references to you should be read accordingly throughout this condition 18. (b) You should check contract notes and half-yearly statements carefully and let us know immediately if there are any discrepancies or you have any queries. Uninstructed changes to account information, or failure to receive expected contract notes, periodic statements, sales proceeds or dividend payments within the normal deadlines should be reported to us immediately. (c) For each investment trust in which your plan is invested, we will send you the documents and notices (such as notices of meetings, annual reports and accounts, and proposals for takeovers or reorganisations) that are normally sent to registered shareholders. (d) You can apply to attend annual general meetings, extraordinary general meetings and any special meetings of shareholders. We will send you the documentation you need to complete in order to attend. (e) In the case of a rights issue, we can exercise the right to take up the issue in whole, in part or not at all, and we can sell any shares that are issued as a result. We can do this in our sole discretion and we do not need to notify you in advance or accept further subscriptions from you to take up the rights issue. (f) We will calculate the value of shares in your plan using the closing mid-market price of the shares on the London Stock Exchange on the preceding business day. 41

44 ISA and Share Plan Terms & Conditions 19. Costs and Taxes All Plans: (a) In addition to the charges set out in this agreement, we will ask you to pay us any other sums which become payable by you to us under this agreement from time to time (for example, reimbursement of stamp duty or other taxes), as soon as these become due. (b) We have the right to deduct any sums due to us by you under this agreement from any cash balance held in your plan, and/or sell shares to cover any outstanding amounts. If we sell shares to cover any outstanding amounts we will sell shares from the investment trust in which you hold the most shares. (c) You, your personal representative(s) or your transferee will be liable for any stamp duty or other tax arising on any sale, purchase, or transfer of shares in your plan. Other taxes and costs may be incurred by you in connection with setting up, using and closing the plan which are not imposed by or paid through us. ISA: (d) To the extent permitted by law, we can make tax claims, conduct appeals and agree liabilities and tax relief on your behalf in relation to your ISA. You agree to give us any information we reasonably need in order to do so. 20. Participation of Investment Trusts in your Plan All Plans: (a) If an investment trust decides to end its participation in your plan, or we decide to end the investment trust s participation, we will notify you in writing and will give you the opportunity to change your affected investments. We will explain what happens in these circumstances and reserve the right to re-register the relevant shares in your name outside of the plan if we have not received instructions from you within 90 calendar days of having notified you in writing. (b) We will automatically suspend investment in an investment trust where an offer is announced that might result in the takeover of that investment trust. Again, we will write to you and explain what happens in these circumstances. 21. Our Liability to You All Plans: (a) We will not be responsible for any loss (of any nature) you suffer (directly or indirectly) because of: depreciation in the value of your shares; a default by a custodian or bank holding plan investments or cash; changes in market conditions; or any error, action taken or not taken by us, the administrator, the nominee or any other person, unless the loss arises because we, our officers, employees or agents have been negligent, are in wilful default, or have breached any duty we owed you under this agreement or under law. (b) We will not be in breach of this agreement, and will not be liable to you in any way, for any delay or failure to perform any of our obligations which is due to circumstances beyond our reasonable control. We will notify you as soon as possible if any such circumstances arise. (c) This condition does not exclude or restrict any liability that law says we cannot exclude or restrict. OMS: (d) We will not be responsible for any loss (of any nature) you suffer (directly or indirectly) because of: any lack of access to OMS; any incomplete or inaccurate information received through OMS; any machine or software error or malfunction; any error in data transmission; or your operating error. (e) We give no warranty or guarantees as to the suitability or otherwise of the equipment. (f) We reserve the right to change OMS at any time even if this will require you to update or replace the equipment. You are responsible for providing, upgrading or replacing all parts of the equipment at your own cost. 42

45 ISA and Share Plan Terms & Conditions (g) There is no guarantee that OMS can be accessed at any particular time. (h) We will not be responsible for failure to carry out any instructions you give us through OMS unless you can show that you have received a confirmation of your order. 22. Changes Affecting this Agreement All Plans: (a) We can change the terms of this agreement, vary the amount of our charges and introduce new charges at any time. Normally we will do these things to reflect good industry practice, changes in our systems and processes or to comply with law. We can vary or introduce new charges if we have a valid reason for doing so. Normally we will give you 30 calendar days written notice before making these changes, but we will not do this in either of the following situations: where we have to make the change more quickly in order to comply with law. In this situation we will tell you as soon as possible after we make the change; or where the change is minor, that is, it does not affect the services we have agreed to provide, our charges for those services, or the way we have agreed to provide those services. You may close your plan with us at any time, please see condition 11 for more information. (b) When we tell you about a change, we will tell you why we have made the change. (c) If you (or, where there is more than one of you, any of you) change your address, you must send us notice in writing or online through OMS of the change as soon as possible. (d) If you (or, where there is more than one of you, any of you) change your name, you must send us notice in writing of the change as soon as possible. You must give us evidence of any change of name. 23. Complaints and Compensation All Plans: (a) If you have a complaint about our services, you can write to us at the following address: Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU. A copy of our internal complaints handling procedure is available on request and we will give you a copy if you make a complaint. If you cannot settle your complaint with us, you can refer it to the Financial Ombudsman Service You can write to them at Exchange Tower, London E14 9SR or [email protected] (b) Baillie Gifford Savings Management Limited is covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if Baillie Gifford Savings Management Limited cannot meet its obligations. This depends on the type of business and the circumstances of the claim. Most types of investment business are covered for 100% of investments up to 50,000. Further information about compensation arrangements is available from the Financial Services Compensation Scheme, 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU, Tel: or or visit ISA: (e) We will not make any changes to your ISA if the effect would be to make your ISA void under law. 43

46 ISA and Share Plan Terms & Conditions 24. Additional Special Conditions that apply to OMS (a) You need to register for OMS using the account number we give to you. You will also need to input data which must exactly match the information we hold for you or the registration process may fail. We will your password to the address we hold for you. (b) You will be given access to OMS once: we have issued a username to you; we have issued a temporary password to you; and you have updated your temporary password to a permanent password. Once you have access to OMS you will be able to obtain information about your plan, give instructions online, change your personal details and, in certain circumstances, provide dealing instructions. (c) Share Plans: where there is more than one of you all of you can register separately for OMS. You will have restricted access and you may not provide dealing instructions electronically. All such instructions must be in writing and must be signed by all of you. You will, however, be able to change the address, phone number, and data protection preferences that we hold for you. (d) You agree to comply with such instruction or direction as we may give you from time to time regarding your use of OMS. (e) Your right to use OMS is personal to you. You may not: permit any other person to gain access to OMS using your username and password sub-licence, assign or otherwise transfer any of your rights under or to use OMS. (f) We can prohibit the use of your username and password at any time in our absolute discretion. We will tell you as soon as possible when we prohibit the use of your username and password. (g) You must: change your temporary password at the first log on after receiving it change your password when you or we believe it may be compromised take all reasonable steps to keep your password secret contact us immediately during office hours if you become aware of or suspect any unauthorised use of your password. If you are unable to contact us, because, for example, it is outside of office hours you must change your password. To change your password, use the Change Password option within the My Details menu tell us if you receive a contract note for a deal which you have not placed. (h) You will not be responsible for or be bound by any transactions after you have notified us of any unauthorised or suspected use of your password or for any transactions after the date of your password being disabled. (i) We can refuse to carry out an instruction where we are unable to obtain authorisation on your debit card for payment of the full amount due on a purchase instruction or if you submit incorrect details. (j) You may only produce print-outs for your personal use. You may not copy, reproduce, duplicate, modify, adopt or lend, sell or otherwise transfer, in whole or in part, any of the information you access through OMS. (k) Your right to use OMS will terminate if you withdraw all your investments with us. (l) You may give us instructions terminating your right to use OMS. Your instructions will take effect once we receive them. Transactions already in progress will be carried out in the normal manner. (m)we can terminate your right to use OMS at any time by giving you written notice. Notice will be effective on being sent. Transactions already in progress will be carried out in the normal way. (n) You must tell us if you become aware of, or suspect any unlawful or unauthorised use of OMS and provide details without delay. 44

47 ISA and Share Plan Terms & Conditions 25. General All Plans: (a) You should send all your communications and instructions to the administrator. Instructions can be sent by OMS or in writing by post or fax. Written instructions sent by post or fax should be sent to Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU (Fax: ). (b) We will send notices, statements and other communications to you by post (to the last address notified by you to us). You will be deemed to have received these forty-eight hours after posting. In the case of Share Plans, we will send notices, statements and correspondence only to the first-named person in your Share Plan. (c) We can assign and transfer our rights and obligations under this agreement. (d) We will not disclose any confidential information about you to any other person, other than the administrator, the nominee or any of our agents, who will be bound by similar duties of confidentiality. We can however disclose information where you have consented to this (including to a third party processor in accordance with condition 26), or where we have to in order to comply with law or any instructions given to us by our regulators. (e) We take every precaution to safeguard data and all the information provided to us is held in a secure system. We will only use information provided to us for the purpose of performing our obligations under this agreement or where we have obtained consent to use the information for other purposes. (f) In order to fulfil our legal obligations under law relating to tax, we are required to collect information about your tax domicile or residency and status and we may require you to provide a self-certification form including details of your tax reference number or equivalent (where held). We reserve the right to refuse applications for or transfer of investments until we receive satisfactory tax declarations and information. In certain circumstances, we may be required to report your details (including name and address) together with details of your investments to HM Revenue & Customs, who may in turn pass the information to the tax authority of any relevant jurisdiction. (g) Any invalidity, illegality or unenforceability of a term of this agreement will not affect the validity, legality or enforceability of the remaining terms. (h) This agreement, as well as our communications and discussions with you which led to this agreement, are governed by the law of Scotland. You and we agree that the Scottish courts will have exclusive jurisdiction to settle any disputes arising under this agreement. Nothing in this agreement will operate to limit your statutory rights. (i) We will communicate with you in English. 26. Data Protection All Plans: (a) By completing an application form you consent to us holding any personal data, as defined by the law, which you have provided to us in the application form and to us: (i) processing such personal data for the purposes of fulfilling our obligations to you under the terms of our contract with you and/or any other contracts between you and any other organisation in the Baillie Gifford group; and (ii) transferring your personal data where we may be required to do so to comply with law, and (iii) transferring such personal data to our third party processor (including where such third party processor is located outside of the European Economic Area). In processing your personal data we will at all times comply with the law. (b) You have the right to ask for a copy of the information we hold about you, to amend any inaccuracies and to make changes. To do so, write to us at Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU. (c) If you have agreed to it, we may also use your personal data to keep you informed about Baillie Gifford products, funds or special offers and to contact you for business research and analysis purposes. You have the right to change the terms of your consent or withdraw your consent at any time. 45

48 If you would like further assistance or information, please contact: Baillie Gifford Savings Management Limited, Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Alternatively, call our Client Relations Team on or fax us on You can us at [email protected] or visit our website at Your call may be recorded for training or monitoring purposes. If you require this pack in Braille or large print, please contact us on This document has been issued and approved by Baillie Gifford Savings Management Limited (BGSM). BGSM provides investment trust Share Plans and ISAs and is the manager of The Baillie Gifford Investment Trust Share Plan and The Baillie Gifford Investment Trust ISA. BGSM is an affiliate of Baillie Gifford & Co Limited, which is the manager and secretary of all the investment trusts listed in this application pack. Investment trusts are listed on the London Stock Exchange and are not authorised or regulated by the Financial Conduct Authority. BGSM and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority and are based in Scotland at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Both companies are listed on the Financial Services Register, Firm Reference Number (BGSM) and (Baillie Gifford & Co Limited). The Financial Conduct Authority is based at 25 The North Colonnade, Canary Wharf, London E14 5HS. All data is at 29 February 2016 unless otherwise indicated. Ref: CM1559 IT SHAREPLAN BRO IB 0155

49 BAILLIE GIFFORD SAVINGS MANAGEMENT LIMITED The Baillie Gifford Investment Trust Share Plan Application Form Effective from April 2016 Before you fill in this form, please note: There are accompanying notes that appear in the margin thoughout this form. These notes contain important information to help you complete the application You can invest with a lump sum, monthly savings or both You can apply individually or jointly up to four people in total All persons named in this form must be aged 18 or over Proof of identity and address: we have provided notes inside this form which explain what you need to provide to meet legal requirements for opening an account Please make sure you read the Key Features and Terms & Conditions in this application pack before completing this form for the Baillie Gifford Investment Trust Share Plan Please use BLOCK CAPITALS and tick the boxes, as appropriate. Questions Call if you have any questions about this form or to ask for more copies. You can also visit Your call may be recorded for training or monitoring purposes. We can accept photocopies of this form but all signatures must be original. Please return your completed form in the enclosed envelope. No stamp required. Or post to: Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU.

50 Baillie Gifford Investment Trust Share Plan Application Form 1.0 About the Holder(s) Your product account number if you are an existing Baillie Gifford customer We will always send all correspondence to the first-named Holder. First Holder Title (Mr/Mrs/Ms/Miss/Other) Forename(s) in Full Surname Current Residential Address Residents of some countries may not invest in the Share Plan. It is your responsibility to satisfy yourself that you are permitted to invest please see the Key Features for more information. Date of Birth Postcode Daytime Telephone Number If there are more than two Holders, please attach a separate sheet giving the same details as requested here for the other Holders. All Holders must sign the declaration in section 7.0 of this form. Second Holder Title (Mr/Mrs/Ms/Miss/Other) Forename(s) in Full Surname Current Residential Address Date of Birth Postcode Daytime Telephone Number If you are making a gift and do not intend to be the Holder of the plan, please ensure the Donor section of the application form is completed. See sections 4.0 and Questions? Call us on or [email protected]

51 Baillie Gifford Investment Trust Share Plan Application Form 2.0 About your investment Please read the application pack and Key Features for a description of the aims of, and risks associated with, each investment trust. You can choose any combination of the investment trusts we manage, subject to the minimum investment levels shown. There are no maximums. To comply with current Money Laundering Regulations, please only send a cheque which is either: a personal cheque in the name of the Holder(s) in section 1.0 of this form (or a cheque from a joint account); or a banker s draft or building society cheque printed with your name and account number to show that you are the account Holder(s). If you send us a cheque or banker s draft of any other description, you must satisfy the identification requirements set out in the Money Laundering Regulations. All persons named on this application form, including the Donor should enclose supporting evidence as proof of identity and address. All documents will be returned to the first named Holder unless instructed otherwise. We normally require two items of evidence per adult. For more information on our requirements, please see the Checking Your Identity leaflet provided in the Application Pack. If you do not submit appropriate verification documents for all persons named on the application form, we will return the full application to you unprocessed. We reserve the right to use electronic checking services in order to satisfy our anti-money laundering requirements over and above the documents/payment cheques you may provide. By signing the application form you consent to us obtaining such verification information under the Data Protection Act How you want to invest Please tick the box that applies: Lump sum Initial lump sum followed by monthly payments by Direct Debit Monthly payments by Direct Debit see note below Total sums to invest Lump Sum minimum 250 per trust Monthly Payments minimum 30 per trust You must make the initial monthly payment by cheque and send it with this application. Please note the cheque must be drawn from the same bank account as you wish any Direct Debit to be taken. Please complete the Direct Debit Instruction at the end of the application form. Only one Direct Debit may be set up for each plan. 2.2 Where you want to invest Please note that the sums given should include your investments as Holder(s) and any gifts being made by Donor(s). A Lump Sum Amount from section 2.1 Amount from section 5.1 Total lump sum to invest + = A Holder(s) investment Donor(s) gifts B Monthly Payments Amount from section 2.1 Amount from section 5.1 or B Only one Direct Debit may be set up for each plan Holder(s) investment Donor(s) gifts Trust Name Scottish Mortgage Investment Trust PLC The Monks Investment Trust PLC The Scottish American Investment Company P.L.C. (SAINTS) Edinburgh Worldwide Investment Trust plc The Baillie Gifford Japan Trust PLC Baillie Gifford Shin Nippon PLC SEDOL Code (for office use only) Lump Sum minimum 250 per trust BLDYK Monthly Payments minimum 30 per trust Pacific Horizon Investment Trust PLC Totals Same as A above Same as B above Questions? Call us on or [email protected] 3

52 Baillie Gifford Investment Trust Share Plan Application Form 2.3 Payment by Cheque I/We enclose a cheque for payable to BGSM Client Account. 2.4 Monthly Savings Please complete the Direct Debit Mandate at the end of the application form. Only one Direct Debit can be set up for each plan. Remember to send your cheque, from the same account, for your initial monthly savings amount. 2.5 Authorised Intermediary Details for completion by the authorised intermediary If you are using an authorised intermediary please ask them to complete this section Stamp or print your Name and Address Financial Services Register Number 3.0 If you want to have income paid out Income from dividends is normally reinvested into your Share Plan but can be paid to a bank account if required. If you want income from the investment to be paid direct to your Bank or Building Society account, please contact our Client Relations Team on and they will send you the necessary form. Donors should complete sections 4.0 and 5.0. If there are no Donors, please go to section Questions? Call us on or [email protected]

53 Baillie Gifford Investment Trust Share Plan Application Form 4.0 About the Donor(s) Only to be completed if you are gifting funds to the plan being set up by the Holder(s) identified in section 1.0. Complete this section if you want to donate funds to this plan as a gift. The plan will be held in the name of the Holder(s) identified in section 1.0. First Donor Title (Mr/Mrs/Ms/Miss/Other) Forename(s) in Full Surname Current Residential Address Date of Birth Postcode Daytime Telephone Number Second Donor (if applicable) Title (Mr/Mrs/Ms/Miss/Other) Surname Forename(s) in Full Current Residential Address Date of Birth Postcode Daytime Telephone Number If there are more than two Donors, please attach a separate sheet giving details as requested here for the other Donors. All Donors must sign the next page to consent to us holding any personal data as defined by the Data Protection Act Questions? Call us on or [email protected] 5

54 Baillie Gifford Investment Trust Share Plan Application Form 4.0 About the Donor(s) continued By completing this section of the application form you consent to us holding any personal data, as defined by the Data Protection Act 1998, which you have provided to us in the application form and to us: Processing such personal data for the purpose of accepting your donation; and Transferring such personal data to any third party sub-contractor and/or agent appointed by us and/or our administrator (including where such party is located outside of the European Economic Area). In processing your personal data we will at all times comply with all relevant laws. You have the right to ask for a copy of the information we hold about you, to amend any inaccuracies and to make changes. To do so, write to Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU. The Donor should enclose supporting evidence as proof of identity and address. If you do not submit appropriate verification documents for all persons named on the application form, we will return the full application unprocessed. We reserve the right to use electronic checking services in order to satisfy our anti-money laundering requirements set out in the Money Laundering Regulations. Signature of first Donor Date Signature of second Donor (if applicable) Date Signature of third Donor (if applicable) Date Signature of fourth Donor (if applicable) Date 6 Questions? Call us on or [email protected]

55 Baillie Gifford Investment Trust Share Plan Application Form 5.0 About your donation Only to be completed if you are a Donor as identified in section 4.0. Holder(s) investing funds in the plan should include details of their investments at section 2.0 and not in this section. You can choose how much to donate subject to the minimum investment levels shown. There are no maximums. When and why we ask to see proof of identity and address. For every person named on this application form, we will need to verify their identity and address. All documents will be returned to the first named Holder unless instructed otherwise. We normally require two items of evidence per adult. For more information on our requirements, please see the Checking Your Identity leaflet provided in the Application Pack. If you do not submit appropriate verification documents for all persons named on the application form, we will return the full application unprocessed. We reserve the right to use electronic checking services in order to satisfy our anti-money laundering requirements over and above the documents/payment cheques you may provide. By signing the application form you consent to us obtaining such verification information under the Data Protection Act How you want to invest as a donation Please tick the box that applies: Lump sum Initial lump sum followed by monthly payments by Direct Debit Monthly payments by Direct Debit see note below Total sums to donate: Lump Sum minimum 250 per trust Monthly Payments minimum 30 per trust You must make the initial monthly payment by cheque and send it with this application. Please note the cheque must be drawn from the same bank account as you wish any Direct Debit to be taken. Please complete the Direct Debit Instruction at the end of the application form. Only one Direct Debit may be set up for each plan. 5.2 Payment by Cheque I/We enclose a cheque for payable to BGSM Client Account. To comply with current Money Laundering Regulations, please send only a cheque which is either: a personal cheque in the name of the Donor(s) in section 4.0 of this form (or a cheque from a joint account); or a banker s draft or building society cheque printed with your name and account number to show that you are the account holder(s). All persons named on this application form should enclose supporting evidence as proof of identity and address. 5.3 Monthly savings Please complete the Direct Debit Mandate at the back of this form. Only one Direct Debit can be set up for each plan. Remember to send your cheque, drawn from the same account, for your initial monthly savings account. Questions? Call us on or [email protected] 7

56 Baillie Gifford Investment Trust Share Plan Application Form 6.0 Individual self-certification All Holders named in section 1.0 must read this section and complete it where relevant. *The term Tax Regulations refers to the International Tax Compliance Regulations 2015 which implements FATCA (The Foreign Account Tax Compliance provisions contained in the US Hire Act 2010), and the OECD Common Reporting Standard for Automatic Exchange of Financial Account Information (CRS). Tax Regulations* require us to collect and report information about your identity and tax residency. In certain circumstances (including if we do not receive a valid self-certification from you) we may be obliged to share information on your account with HMRC (who may in turn share this information with any or all participating tax jurisdictions), or to the tax authorities of participating jurisdictions. If you have any questions about your tax residency, please contact your tax adviser. Should any information provided change in the future, please ensure you advise us of the changes promptly. Tax residency Please indicate all countries in which you are resident for tax purposes and the associated Tax Identification Numbers in the table below. If you are also a US citizen or resident, please include United States in this table along with your US Tax Identification Number. If you are a UK Tax resident and not a tax resident anywhere else and also not a US citizen, you are not required to provide details of your Tax Identification Number. To be completed by all Holders Holder(s) (please print name) Country/Countries of Tax Residency Tax Identification Number** 7.0 Declarations and signatures All Holders named in section 1.0 must read and sign this section. **For UK tax residents this will usually be your National Insurance Number. If you, or your authorised intermediary, have printed this application form from the internet or from an , please tick here to confirm that you have printed and kept a copy of the Key Features and Terms & Conditions. If you do not tick this box, we will send you a copy. I/We hereby apply to participate in The Baillie Gifford Investment Trust Share Plan. The Terms & Conditions of the Share Plan are our standard terms and conditions upon which Baillie Gifford Savings Management Limited intend to rely. It is important that you carefully read the Key Features and the Terms & Conditions that will apply to the Share Plan before signing. If there is any term you do not understand, please ask for further information. I/We confirm that: I am/we are aged 18 years or over; the information on this application form is correct to the best of my/our knowledge and belief; I/we will inform you without delay of any changes in the information given on this application form. Continued on page 9. CM1559 IT SP App BG Ref: IT PACK BRO IB Questions? Call us on or [email protected]

57 Baillie Gifford Investment Trust Share Plan Application Form 7.0 Declarations and signatures continued I/We understand that: this Agreement shall take effect from the date specified in the letter of acknowledgement and acceptance of this application; I/we shall be treated as a retail client for the duration of this agreement, unless superseded by regulation or other circumstances necessitating change to the categorisation. Signature of first Holder Date Signature of second Holder (if applicable) Date Signature of third Holder (if applicable) Date Signature of fourth Holder (if applicable) Date 8.0 How we will use your information If you have any questions about this, please call our Client Relations Team on Baillie Gifford Savings Management Limited (BGSM) will hold and use the personal information you supply in this application form so that we can administer your plan. This may include disclosure of your personal information if required by law, e.g. for fraud prevention or anti-money laundering purposes. It will also include the transfer of your personal information to our third party processor (including where such third party processor may be located outside of the European Economic Area). To keep you informed* We would like to send you information about Baillie Gifford products, funds or special offers which may be of interest to you. This includes our magazine Trust which we currently publish three times a year. We would also like to be able to contact you for business research and analysis purposes. If you do not want to be contacted for these reasons, please tick the box below. Do not keep me informed about Baillie Gifford products, funds, special offers or contact me for business research and analysis purposes. You have the right at any time to stop us from contacting you for these reasons. You also have the right to ask for a copy of the information we hold about you, to amend any inaccuracies and to make changes. To do so, write to Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU. * you refers to the first named Holder of the plan see the Terms & Conditions for more information. Questions? Call us on or [email protected] 9

58 Baillie Gifford Investment Trust Share Plan Application Form What to do now Please note that the certifiers must be independent of the application. Before you send your application form please check that you have: filled in all the personal details required; if applicable, any Donor(s) have completed and signed at section 4.0; read, and all Holders have signed, the declaration in section 7.0; read section 8.0 of the application form on how we will use your information; filled in the Direct Debit Instruction at the end of the application form if you want to make monthly payments. Do not detach the instruction but please keep the Direct Debit Guarantee; enclosed a signed cheque payable to BGSM Client Account as a lump sum payment and/or initial monthly payment amount; for all persons named on the application form, enclosed supporting evidence as proof of identity and address; enclosed certified true copies of documents as proof of identity and address, if required. The certified copy should bear a statement I certify that this is a true copy of the [type of document] belonging to [name as appropriate]. It must be signed and dated by an appropriate person, who should also complete their details below. Members of professions should also indicate their institute membership number if possible. Name and address of person who has certified any copies as a true copy of original Contact Telephone Number Occupation We will accept copies certified by a professional from the following list who is independent from the application: Regulated Financial Services Firm Lawyer, Barrister, Notary, Accountant (on appropriate register) Law Enforcement Agency Judge Embassy/Consulate/High Commission Employee In addition, the Post Office offers a document certifying service. Please note: Baillie Gifford accepts no responsibility for loss of or damage to documentation during transit either to us or by return to you. Now send your application and payment and any supporting documentation of proof of identity to us using the enclosed reply envelope, or post it to the address on the front of this form. Thank you for choosing Baillie Gifford Savings Management Limited. 10 Questions? Call us on or [email protected]

59 Baillie Gifford Investment Trust Share Plan Application Form Instruction to your bank or building society to pay by Direct Debit Please fill in the whole form including official use box using a ball point pen and send it to: Baillie Gifford Savings Management Limited PO Box Chelmsford CM99 2DU Name(s) of account Holder(s) Bank/Building society account number Branch sort code Name and full postal address of your bank or building society To: The Manager: Address Bank/Building society Service user number FOR BAILLIE GIFFORD SAVINGS MANAGEMENT LTD OFFICIAL USE ONLY This is not part of the instruction to your bank or building society. This section is to be completed by the customer. Monthly Payments Please remember that you must make your initial monthly payment by cheque. Only one Direct Debit may be set up for each plan. Your Direct Debit must be from an account in your individual name or joint names. We will collect payments on the selected date each month or the next working day. If you do not specify a preference, we will collect your payment on the first working day of the month. Select monthly payment date: 1st 15th Instruction to your bank or building society Please pay Baillie Gifford Savings Management Limited Direct Debits from the account detailed in this Instruction subject to the safeguards assured by the Direct Debit Guarantee. I understand that this Instruction may remain with Baillie Gifford Savings Management Limited and if so, details will be passed electronically to my bank/ building society. Signature(s) Postcode Reference Date Banks and building societies may not accept Direct Debit Instructions for some types of account. DDI1 The guarantee should be detached and retained by the payer. The Direct Debit Guarantee This Guarantee is offered by all banks and building societies that accept instructions to pay Direct Debits. If there are any changes to the amount, date or frequency of your Direct Debit, Baillie Gifford Savings Management Limited will notify you 5 working days in advance of your account being debited or as otherwise agreed. If you request Baillie Gifford Savings Management Limited to collect a payment, confirmation of the amount and date will be given to you at the time of the request. If an error is made in the payment of your Direct Debit by Baillie Gifford Savings Management Limited or your bank or building society, you are entitled to a full and immediate refund of the amount paid from your bank or building society. If you receive a refund you are not entitled to, you must pay it back when Baillie Gifford Savings Management Limited asks you to. You can cancel a Direct Debit at any time by simply contacting your bank or building society. Written confirmation may be required. Please also notify us. 11

60 Baillie Gifford Investment Trust Share Plan Application Form This document has been issued and approved by Baillie Gifford Savings Management Limited (BGSM). BGSM provides investment trust Share Plans and ISAs and is the manager of The Baillie Gifford Investment Trust Share Plan. BGSM is an affiliate of Baillie Gifford & Co Limited, which is the manager and secretary of all the investment trusts listed in this application pack. Investment trusts are listed on the London Stock Exchange and are not authorised or regulated by the Financial Conduct Authority. BGSM and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority and are based in Scotland at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Both companies are listed on the Financial Services Register, Firm Reference Number (BGSM) and (Baillie Gifford & Co Limited). The Financial Conduct Authority is based at 25 The North Colonnade, Canary Wharf, London E14 5HS. All data is at 29 February 2016 unless otherwise indicated. Copyright Baillie Gifford & Co CM1560 IT SP App BG Ref: IT PACK BRO IB 0026 What will happen next Please tear off and keep this section We will send the first-named Holder an acknowledgement when we receive the application form; We will invest your cheque on the next dealing day; We will send a contract note to the first-named Holder showing the number of shares purchased and the price paid following investment; For monthly subscriptions, you will receive a contract note following the investment of the initial cheque and thereafter statements will be sent six monthly; We will return any documentation that has been sent to us for anti-money laundering purposes, by recorded delivery, under separate cover; If we are unable to process your application form for any reason, and are unable to resolve the matter with you by telephone, we will return the application to you explaining why and what further information we require for a valid application; We reserve the right not to accept this application form for a Share Plan, in which case we will notify you in writing. 12 Questions? Call us on or [email protected]

61 BAILLIE GIFFORD SAVINGS MANAGEMENT LIMITED The Baillie Gifford Investment Trust ISA Application Form Relating to the tax year 2016/2017 Before you fill in this form, please note: There are accompanying notes that appear in the margin throughout this form. These notes contain important practical information to help you complete your application New ISA investment: you can invest in an ISA with a lump sum, monthly savings or both up to the current investment limit for each tax year ISA Transfers: please refer to the separate ISA Transfer Application Form The Baillie Gifford Investment Trust ISA is not a Flexible ISA You must be aged 18 or over Please make sure you read the Key Features and Terms & Conditions in this application pack before completing this form for The Baillie Gifford Investment Trust ISA Please use BLOCK CAPITALS and tick the boxes, as appropriate. Questions Call if you have any questions about this form or to ask for more copies. You can also visit Your call may be recorded for training or monitoring purposes. We can accept photocopies of this form but all signatures must be original. Please return your completed form in the enclosed envelope. No stamp required. Or post to: Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU.

62 Baillie Gifford Investment Trust ISA Application Form 1.0 About you Your product account number if you are an existing Baillie Gifford customer Title (Mr/Mrs/Ms/Miss/Other) Surname Forename(s) in Full Permanent Residential Address Postcode Date of Birth Daytime Telephone Number You must fill in your National Insurance number or declare that you do not have one for us to process your application. You should be able to find your NI number on a payslip, P45 or P60, a letter from HM Revenue & Customs, a letter from the Department for Work and Pensions, or pension order book. Your National Insurance Number I declare that I do not have a National Insurance number 2.0 If you want to have income paid out Income from dividends is normally reinvested into your ISA but can be paid to a bank account if required. 3.0 Your current tax year ISA If you want income from the investment to be paid direct to your Bank or Building Society account, please contact our Client Relations Team on and they will send you the necessary form. Monthly Payments You must make the initial monthly payment by personal cheque and send it with this application. Please note the cheque must be drawn from the same bank account as you wish any Direct Debit to be taken. Please complete the Direct Debit Instruction at the end of the application form. Only one Direct Debit may be set up for each plan. 3.1 How you want to invest Please tick the box that applies: Lump sum Initial lump sum followed by monthly payments by Direct Debit Monthly payments by Direct Debit see note This application form is valid for the tax year starting 6 April It is a continuous application form and will remain in force until you inform us otherwise. 2 Questions? Call us on or [email protected]

63 Baillie Gifford Investment Trust ISA Application Form Please read the application pack and Key Features for a description of the aims of, and risks associated with, each investment trust. You can choose any combination of the investment trusts we manage, subject to the minimum investment levels shown. 3.2 Your current tax year ISA: where you want to invest Trust Name Scottish Mortgage Investment Trust PLC SEDOL Code (for office use only) Lump Sum minimum 2,000 ( 1,000 per trust) BLDYK61 Monthly Payments* minimum 100 per trust Stocks and shares ISA investment limit for the 2016/17 tax year is 15,240. To comply with current Anti-Money Laundering Regulations, please send only a cheque which is either: a personal cheque in your own name (or a cheque from a joint account); or a banker s draft or building society cheque printed with your name and account number to show that you are the account holder. Any other cheque must satisfy the ISA Regulations and identification requirements set out in the Anti-Money Laundering Regulations. The Monks Investment Trust PLC The Scottish American Investment Company P.L.C. (SAINTS) Edinburgh Worldwide Investment Trust plc The Baillie Gifford Japan Trust PLC Baillie Gifford Shin Nippon PLC Pacific Horizon Investment Trust PLC Totals If you do not submit appropriate verification documents, we will return the full application to you unprocessed. We reserve the right to use electronic checking services in order to satisfy our Anti-Money Laundering requirements over and above the documents/payment cheques you may provide. By signing the application form you consent to us obtaining such verification information under the Data Protection Act *Remember: you must make the initial monthly payment by cheque 3.3 Payment by Cheque I/We enclose a cheque for payable to BGSM Client Account. 3.4 Authorised Intermediary Details For completion by the authorised intermediary Stamp or print your Name and Address Financial Services Register Number If you have not provided advice, please tick this box Questions? Call us on or [email protected] 3

64 Baillie Gifford Investment Trust ISA Application Form 4.0 How we will use your information If you have any questions about this, please call our Client Relations Team on Declaration and signature You must read and sign this section. This is a continuous application form and will remain in force until you inform us otherwise. Baillie Gifford Savings Management Limited (BGSM) will hold and use the personal information you supply in this application form so that we can administer your plan. This may include disclosure of your personal information if required by law, e.g. for fraud prevention or anti-money laundering purposes. It will also include the transfer of your personal information to our third party processor (including where such third party processor may be located outside of the European Economic Area). To keep you informed We would like to send you information about Baillie Gifford products, funds or special offers which may be of interest to you. This includes our magazine Trust which we currently publish three times a year. We would also like to be able to contact you for business research and analysis purposes. If you do not want to be contacted for these reasons, please tick the box below. Do not keep me informed about Baillie Gifford products, funds, special offers or contact me for business research and analysis purposes. You have the right at any time to stop us from contacting you for these reasons. You also have the right to ask for a copy of the information we hold about you, to amend any inaccuracies and to make changes. To do so, write to Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU. Before you send your application form please check that: If you, or your authorised intermediary, have printed this application form from the internet or from an , please tick here to confirm that you have printed and kept a copy of the Key Features and Terms & Conditions. If you do not tick this box, we will send you a copy. I hereby apply to subscribe to a Baillie Gifford Investment Trust ISA for the tax year commencing April 2016 and each subsequent tax year. The Terms & Conditions of the ISA, together with the application form, comprise the terms of the ISA. The Terms & Conditions of the ISA are our standard terms and conditions upon which Baillie Gifford Savings Management Limited intend to rely. It is important that you carefully read the Key Features and the Terms & Conditions that will apply to the ISA before signing. If there is any term you do not understand, please ask for further information. I confirm that: the information on this completed application form is correct to the best of my knowledge and belief; and I will inform you without delay of any changes in the information given. I declare that: I am 18 years of age or over; all cash subscriptions made and to be made belong to me; I have not subscribed, and will not subscribe, more than the overall subscription limit in total to a cash ISA and a stocks and shares ISA and, from 6 April 2016, an innovative finance ISA, in the same tax year; I have not subscribed, and will not subscribe, to another stocks and shares ISA in the same tax year, or each successive tax year that I subscribe to this stocks and shares ISA; I am resident in the United Kingdom for tax purposes, or if not so resident either perform duties which, by virtue of Section 28 of the Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or I am married to, or in a civil partnership with, a person who performs such duties. I will inform Baillie Gifford Savings Management Limited if I cease to be so resident or to perform such duties, or be married to, or in a civil partnership with, a person who performs such duties, as the case may be. Continued on page 5 4 Questions? Call us on or [email protected]

65 Baillie Gifford Investment Trust ISA Application Form 5.0 Declaration and signature continued I authorise Baillie Gifford Savings Management Limited to: hold my cash subscriptions, ISA investments, interest, dividends and any other rights or proceeds in respect of those investments and any other cash; make on my behalf any claims to relief from tax in respect of my ISA investments; and on my written request, transfer or pay to me, as the case may be, ISA investments, interest, dividends, rights or other proceeds in respect of those investments or any cash. I understand that: this Agreement shall take effect from the date specified in the letter of acknowledgement and acceptance of this application; I shall be treated as a retail client for the duration of this agreement, unless superseded by regulation or other circumstances necessitating change to the categorisation. I recognise that if I have taken advice from an authorised intermediary my application for an ISA (together with all monies payable in respect thereof) must be received at least eight days before the end of this tax year if I want the ISA to be opened in this tax year. (This period is required to allow for the operation of any seven-day cooling-off period). I agree that if applicable my initial ISA payment will not attract interest during any seven day cooling-off period which would otherwise have been payable under the Financial Services and Markets Act 2000, as amended. Signature Date CM1561 IT ISA App BG Ref: IT PACK BRO IB 0025 Application cancellation form Please tear off and keep this section If you invest in the Baillie Gifford Investment Trust ISA after receiving advice from an authorised intermediary and if you change your mind after applying you may cancel your application. To do this, please complete this section and send it to us. We must receive this form within seven days from the date we received your application form (or your application form and cheque, if you are sending a cheque for your initial investment). Instruction to withdraw my application Holder s full name Address Date application was sent Postcode I wish to cancel my application to open a Baillie Gifford Investment Trust ISA and have the related monies returned to me. Holder s Signature Date Questions? Call us on or [email protected] 5

66 Baillie Gifford Investment Trust ISA Application Form What to do now Before you send your application form please check that you have: filled in all the personal details required; read section 4.0 of the application form on how we will use your information; read and signed the declaration; detached the application cancellation form on page 5. Please keep this for seven days if you want to use it during any cooling-off period. for current tax year ISA subscriptions, enclosed a signed cheque payable to BGSM Client Account as a lump sum payment and/or initial monthly payment amount; filled in the Direct Debit Instruction in section 6.0 if you want to make monthly payments. Do not detach the instruction but please keep the Direct Debit Guarantee; Now send your application and payment to us using the enclosed reply envelope, or post it to the address on the front of this form. Thank you for choosing Baillie Gifford Savings Management Limited. What will happen next Please tear off and keep this section We will send you an acknowledgement when we receive your application; When you invest directly in the Baillie Gifford Investment Trust ISA without taking advice, we will invest the funds on the next dealing day. Otherwise we will invest the funds after the seven day cooling-off period ends; We will send you a contract note showing you the number of shares purchased and the price paid following investment; For monthly payments, you will receive a contract note following the investment of the initial cheque and thereafter statements will be sent six monthly; We will return any documentation that you sent to us for anti-money laundering purposes, by recorded delivery, under separate cover; If we are unable to process your application form for any reason, and are unable to resolve the matter with you by telephone, we will return the application to you explaining why and what further information we require for a valid application; We reserve the right not to accept this application form for an ISA, in which case we will notify you in writing. 6 Questions? Call us on or [email protected]

67 Baillie Gifford Investment Trust ISA Application Form Instruction to your bank or building society to pay by Direct Debit Please fill in the whole form including official use box using a ball point pen and send it to: Baillie Gifford Savings Management Limited PO Box Chelmsford CM99 2DU Name(s) of account Holder(s) Bank/Building society account number Branch sort code Name and full postal address of your bank or building society To: The Manager: Bank/Building society Service user number FOR BAILLIE GIFFORD SAVINGS MANAGEMENT LTD OFFICIAL USE ONLY This is not part of the instruction to your bank or building society. This section is to be completed by the customer. Monthly Payments Please remember that you must make your initial monthly payment by cheque. Only one Direct Debit may be set up for each plan. Your Direct Debit must be from an account in your individual name or joint names. We will collect payments on the selected date each month or the next working day. If you do not specify a preference, we will collect your payment on the first working day of the month. Select monthly payment date: 1st 15th ISA Annual Management Charge You can choose to pay your ISA annual management charge by Direct Debit. The fees will be collected on 4 April and 4 October, or the next working day. Tick this box if you would like to pay your ISA annual management charge by Direct Debit: Address Reference Postcode Instruction to your bank or building society Please pay Baillie Gifford Savings Management Limited Direct Debits from the account detailed in this Instruction subject to the safeguards assured by the Direct Debit Guarantee. I understand that this Instruction may remain with Baillie Gifford Savings Management Limited and if so, details will be passed electronically to my bank/ building society. Signature(s) Date Banks and building societies may not accept Direct Debit Instructions for some types of account. DDI1 The guarantee should be detached and retained by the payer. The Direct Debit Guarantee This Guarantee is offered by all banks and building societies that accept instructions to pay Direct Debits. If there are any changes to the amount, date or frequency of your Direct Debit, Baillie Gifford Savings Management Limited will notify you 5 working days in advance of your account being debited or as otherwise agreed. If you request Baillie Gifford Savings Management Limited to collect a payment, confirmation of the amount and date will be given to you at the time of the request. If an error is made in the payment of your Direct Debit by Baillie Gifford Savings Management Limited or your bank or building society, you are entitled to a full and immediate refund of the amount paid from your bank or building society. If you receive a refund you are not entitled to, you must pay it back when Baillie Gifford Savings Management Limited asks you to. You can cancel a Direct Debit at any time by simply contacting your bank or building society. Written confirmation may be required. Please also notify us. 7

68 Baillie Gifford Investment Trust ISA Application Form This document has been issued and approved by Baillie Gifford Savings Management Limited (BGSM). BGSM provides investment trust Share Plans and ISAs and is the manager of The Baillie Gifford Investment Trust ISA. BGSM is an affiliate of Baillie Gifford & Co Limited, which is the manager and secretary of all the investment trusts listed in this application pack. Investment trusts are listed on the London Stock Exchange and are not authorised or regulated by the Financial Conduct Authority. BGSM and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority and are based in Scotland at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Both companies are listed on the Financial Services Register, Firm Reference Number (BGSM) and (Baillie Gifford & Co Limited). The Financial Conduct Authority is based at 25 The North Colonnade, Canary Wharf, London E14 5HS. All data is at 29 February 2016 unless otherwise indicated. Copyright Baillie Gifford & Co CM1561 IT ISA App BG Ref: IT PACK BRO IB Questions? Call us on or [email protected]

69 BAILLIE GIFFORD SAVINGS MANAGEMENT LIMITED The Baillie Gifford Investment Trust ISA Transfer Application Form Effective from April 2016 Before you fill in this form, please note: There are accompanying notes that appear in the margin throughout this form. These notes contain important practical information to help you complete your application ISA transfers: to transfer an ISA from another manager to us you must complete the ISA Transfer Form, including the Transfer Authority New ISA investment: please refer to the separate ISA Application Form The Baillie Gifford Investment Trust ISA is not a Flexible ISA You must be aged 18 or over Please make sure you read the Key Features and Terms & Conditions in this application pack before completing this form for The Baillie Gifford Investment Trust ISA Please use BLOCK CAPITALS and tick the boxes, as appropriate. Questions Call if you have any questions about this form or to ask for more copies. You can also visit Your call may be recorded for training or monitoring purposes. We can accept photocopies of this form but all signatures must be original. Please return your completed form in the enclosed envelope. No stamp required. Or post to: Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU.

70 Baillie Gifford Investment Trust ISA Transfer Application Form 1.0 About you Your product account number if you are an existing Baillie Gifford customer Title (Mr/Mrs/Ms/Miss/Other) Surname Forename(s) in Full Permanent Residential Address You must fill in your National Insurance number or declare that you do not have one for us to process your application. Date of Birth Postcode Daytime Telephone Number You should be able to find your NI number on a payslip, P45 or P60, a letter from HM Revenue & Customs, a letter from the Department for Work and Pensions, or pension order book. Your National Insurance Number I declare that I do not have a National Insurance number. 2.0 How we will use your information If you have any questions about this, please call our Client Relations Team on Baillie Gifford Savings Management Limited (BGSM) will hold and use the personal information you supply in this application form so that we can administer your plan. This may include disclosure of your personal information if required by law, e.g. for fraud prevention or anti-money laundering purposes. It will also include the transfer of your personal information to our third party processor (including where such third party processor may be located outside of the European Economic Area). To keep you informed We would like to send you information about Baillie Gifford products, funds or special offers which may be of interest to you. This includes our magazine Trust which we currently publish three times a year. We would also like to be able to contact you for business research and analysis purposes. If you do not want to be contacted for these reasons, please tick the box below. Do not keep me informed about Baillie Gifford products, funds, special offers or contact me for business research and analysis purposes. You have the right at any time to stop us from contacting you for these reasons. You also have the right to ask for a copy of the information we hold about you, to amend any inaccuracies and to make changes. To do so, write to Baillie Gifford Savings Management Limited, PO Box 12017, Chelmsford CM99 2DU. 2 Questions? Call us on or [email protected]

71 Baillie Gifford Investment Trust ISA Transfer Application Form 3.0 ISA Transfers Transfer Form Please read the application pack and Key Features for a description of the aims of, and risks associated with, each investment trust. Any combination of the investment trusts we manage can be chosen, subject to the minimum investment levels shown. Please write in the percentage(s) of the total cash value of your transfer(s) in the table opposite. 3.1 Where you want to invest your ISA Trust Name SEDOL Code (for office use only) Scottish Mortgage Investment Trust PLC The Monks Investment Trust PLC ISA transfer percentage min transfer 2,000 ( 1,000 per Trust) BLDYK61 % % The Scottish American Investment Company P.L.C. (SAINTS) Edinburgh Worldwide Investment Trust plc % % The Baillie Gifford Japan Trust PLC % Baillie Gifford Shin Nippon PLC % Pacific Horizon Investment Trust PLC % Totals 100% 3.2 Anti-Money Laundering Verification To comply with current Anti-Money Laundering Regulations we must verify your identity. If you are not an existing customer we ask that you send two items of identity as detailed in our Checking Your Identity leaflet. If we are unable to verify your identity we will return the application to you unprocessed. 3.3 Authorised Intermediary Details For completion by the authorised intermediary Stamp or print your Name and Address Financial Services Register Number If you have not provided advice, please tick this box 4.0 If you want to have income paid out Income from dividends is normally reinvested into your ISA but can be paid to a bank account if required. If you want income from the investment to be paid direct to your Bank or Building Society account, please contact our Client Relations Team on and they will send you the necessary form. Questions? Call us on or [email protected] 3

72 Baillie Gifford Investment Trust ISA Transfer Application Form 5.0 Declaration and signature for ISA Transfers Before you send your application form please check that: If you, or your authorised intermediary, have printed this application form from the internet or from an , please tick here to confirm that you have printed and kept a copy of the Key Features and Terms & Conditions. If you do not tick this box, we will send you a copy. I hereby apply to transfer my existing Stocks and Shares ISA/Cash ISA (delete as appropriate) Account Number From (Insert existing plan manager here) To: Baillie Gifford Savings Management Ltd and to participate in the Baillie Gifford Investment Trust ISA. The Terms & Conditions of the ISA, together with the application form, comprise the terms of the ISA. The Terms & Conditions of the ISA are our standard terms and conditions upon which Baillie Gifford Savings Management Limited intend to rely. It is important that you carefully read the Key Features and the Terms & Conditions that will apply to the ISA before signing. If there is any term you do not understand, please ask for further information. I confirm that: the information on this completed application form and Transfer Form is correct to the best of my knowledge and belief; and I will inform you without delay of any changes in the information given. I declare that: I am 18 years of age or over; all cash subscriptions made and to be made belong to me; I have not subscribed, and will not subscribe, more than the overall subscription limit in total to a cash ISA and a stocks and shares ISA and, from 6 April 2016, an innovative finance ISA in the same tax year; if I subscribe to this ISA in this tax year, I have not subscribed, and will not subscribe, to another stocks and shares ISA in the same tax year, or each successive tax year that I subscribe to this stocks and shares ISA; if I subscribe to this ISA, I am resident in the United Kingdom for tax purposes or if not so resident, either perform duties which, by virtue of Section 28 of the Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or I am married to, or in a civil partnership with, a person who performs such duties. I will inform Baillie Gifford Savings Management Limited if I cease to be so resident or to perform such duties, or be married to, or in a civil partnership with, a person who performs such duties, as the case may be. I authorise Baillie Gifford Savings Management Limited to: hold my cash subscriptions, ISA investments, interest, dividends and any other rights or proceeds in respect of those investments and any other cash; make on my behalf any claims to relief from tax in respect of my ISA investments; and on my written request, transfer or pay to me, as the case may be, ISA investments, interest, dividends, rights or other proceeds in respect of those investments or any cash. I agree that the proceeds of my ISA transfer will not attract interest during any seven-day cooling-off period which would otherwise have been payable under the Financial Services and Markets Act 2000, as amended. I understand that: this Agreement shall take effect from the date specified in the letter of acknowledgement and acceptance of this application; I shall be treated as a retail client for the duration of this agreement, unless superseded by regulation or other circumstances necessitating change to the categorisation. Signature Date CM1562 IT ISA Transfer App BG Ref: IT PACK BRO IB Questions? Call us on or [email protected]

73 Baillie Gifford Investment Trust ISA Transfer Application Form Now please complete the Transfer Authority form in section 7.0 at the back of this booklet. 6.0 Subscriptions by Direct Debit Should you wish to subscribe to a newly transferred Baillie Gifford ISA by regular Direct Debit payments, the Direct Debit will start on receipt of the initial transfer investment and Direct Debit mandate (whichever is later) but will start shortly thereafter (i.e. due to timing it is possible that the cheque and Direct Debit may invest within the same month). We may ask you to complete an application form for the current tax year. You can also pay the ISA annual management charge by Direct Debit. To request a Direct Debit Mandate for either, please contact our Client Relations Team on What to do now Before you send your application form please check that you have: filled in all the personal details required; read section 2.0 of the application form on how we will use your information; read and signed the relevant declaration(s); detached the application cancellation form below. Please keep this for seven days if you want to use it during any cooling-off period. completed the Transfer Authority, for each ISA you want to transfer as described in section 7.0. You may photocopy the Transfer Authority if you have multiple transfers, but all signatures must be original; Now send your application to us using the enclosed reply envelope, or post it to the address on the front of this form. Thank you for choosing Baillie Gifford Savings Management Limited. Application cancellation form Please tear off and keep this section If you invest in the Baillie Gifford Investment Trust ISA after taking advice from an authorised intermediary and if you change your mind after applying you may cancel your application. To do this, please complete this section and send it to us. We must receive this form within seven days from the date we received your application form (or your application form and cheque, if you are sending a cheque for your initial investment). You should be aware that for a transfer, if you change your mind and exercise your cooling-off rights, your previous ISA manager is under no obligation to accept your proceeds back. If this happens, all tax benefits will be lost. If your ISA manager accepts your money back, there may be costs involved. Instruction to withdraw my application Holder s full name Address Date application was sent Postcode I wish to cancel my application to open a Baillie Gifford Investment Trust ISA and have the related monies returned to my previous ISA manager. Holder s signature Date Questions? Call us on or [email protected] 5

74 Baillie Gifford Investment Trust ISA Transfer Application Form What will happen next Please tear off and keep this section We will send you an acknowledgement when we receive your application; When you invest directly in the Baillie Gifford Investment Trust ISA without taking advice, we will invest the funds on the next dealing day. Otherwise we will invest the funds after the seven day cooling-off period ends; We will send you a contract note showing you the number of shares purchased and the price paid following investment; We will return any documentation that you sent us for anti-money laundering purposes, by recorded delivery, under separate cover; If we are unable to process your application form for any reason, and are unable to resolve the matter with you by telephone, we will return the application to you explaining why and what further information we require for a valid application; We reserve the right not to accept this application form for an ISA, in which case we will notify you in writing. 6 Questions? Call us on or [email protected]

75 Baillie Gifford Investment Trust ISA Transfer Application Form 7.0 Transfer authority Instruction to Existing ISA Manager Please complete this form to authorise your existing ISA manager to transfer your investments to Baillie Gifford Savings Management Limited. Do not detach it we will send the Transfer Authority for you. You do not need to do anything else 7.1 Your Details Holder Title (Mr/Mrs/Ms/Miss/Other) Forename Surname Permanent Residential Address Postcode Date of Birth Daytime Telephone Number Your National Insurance Number I declare that I do not have a National Insurance number. Previous year s stocks and shares ISA may now include investments originally made as PEPs. Please check with your ISA manager if you are unsure. If you have more than one transfer, you may photocopy this form. 7.2 ISA Investment to be Transferred Existing plan manager s full name and address Name of ISA Postcode ISA Reference Number Please remember that different risks will apply when you invest in a stocks and shares ISA from a cash ISA. These risks are detailed in the Key Features section of the application pack, under Risk Factors. If you transfer an ISA for the current tax year, you must transfer the whole ISA. Please remember that the annual subscription limit for 2016/2017 is 15,240. Type of ISA Stocks and Shares ISA Cash ISA Tax Years Current tax year, in its entirety, and/or Previous tax years, in their entirety. Please enter tax year(s) Previous tax years, partial; Tax Year(s) Name of Shares Number of shares to sell and transfer as cash OR Amount of cash to be transferred Please provide details of further tax years on a separate sheet if necessary. Questions? Call us on or [email protected] 7

76 Baillie Gifford Investment Trust ISA Transfer Application Form 7.3 Instruction to Transfer Please accept this as my authority to transfer the management and proceeds of my ISA as indicated above to Baillie Gifford Savings Management Limited. Please sell all ISA investments immediately; provide the information required under the ISA Regulations immediately to Baillie Gifford Savings Management Limited; pay the cash proceeds when available to Baillie Gifford Savings Management Limited; forward all outstanding dividends, distributions, interest and tax credits with full details to Baillie Gifford Savings Management Limited as soon as possible. Please confirm that you have received this instruction. Thank you. Holder s Signature Date Do not detach this form we will send the Transfer Authority for you. This document has been issued and approved by Baillie Gifford Savings Management Limited (BGSM). BGSM provides investment trust Share Plans and ISAs and is the manager of The Baillie Gifford Investment Trust ISA. BGSM is an affiliate of Baillie Gifford & Co Limited, which is the manager and secretary of all the investment trusts listed in this application pack. Investment trusts are listed on the London Stock Exchange and are not authorised or regulated by the Financial Conduct Authority. BGSM and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority and are based in Scotland at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Both companies are listed on the Financial Services Register, Firm Reference Number (BGSM) and (Baillie Gifford & Co Limited). The Financial Conduct Authority is based at 25 The North Colonnade, Canary Wharf, London E14 5HS. All data is at 29 February 2016 unless otherwise indicated. Copyright Baillie Gifford & Co CM1562 IT ISA Transfer App BG Ref: IT PACK BRO IB Questions? Call us on or [email protected]

77 BAILLIE GIFFORD SAVINGS MANAGEMENT LIMITED Anti-Money Laundering Checking Your Identity For the Investment Trust Share Plan, ISA and Children s Savings Plan

78 Anti-Money Laundering and Checking Your Identity This booklet has been designed to help you understand why Baillie Gifford requests documents from you to verify your identity. If you have any questions about this information, please contact our Client Relations Team on What is Money Laundering? When criminals make money from their activities they need to make the proceeds look legitimate. They do this by placing the money with financial institutions, like Baillie Gifford, using false names or stolen identities. The funds, when withdrawn, will then appear legitimate to the authorities and other institutions. How can we prevent Money Laundering? It s quite simple. Firms like Baillie Gifford are required to know their customers. We do this by asking you for proof of your identity. How does this help? It makes it much more difficult for criminals to use our services and also to use false names and addresses, possibly stolen from a legitimate investor. Why do I have to prove my identity? If you are a new customer we may not have received enough evidence of your identity to satisfy the legal requirements. In this instance, we will contact you to request the required documentation. But I have been a customer for years! Since you became a customer the laws surrounding anti-money laundering may have changed. In order to keep our records up to date and to prevent you encountering difficulties in the future, we may contact you to request proof of identity. What do I need to provide? At the time of your application we normally request two items of evidence; one from each of the lists shown on the next page. One document should give your full name and address and the other document should give your full name and either your date of birth or your address. We will not accept photocopies or faxes but we will accept copies certified by a professional from the following list who is independent of the application. The certifier must provide us with their full name, contact details (address and phone number), position and company name (if applicable). Please note that we are unable to accept certification from a retired person as the individual must be active in their occupation. Regulated Financial Services Firm Lawyer, Barrister, Notary, Accountant (on appropriate register) Law Enforcement Agency Judge Embassy/Consulate/High Commission Employee Justice of the Peace Registrar of births, deaths and marriages (due to Crown copyright restrictions only this certifier can certify UK birth, death and marriage certificates). 2

79 Anti-Money Laundering and Checking Your Identity In addition, the Post Office offers a document certifying service. Please note that not all Post Office branches offer this service. If you send in original documentation as evidence we will return it to you by recorded delivery as soon as our records have been updated. Lists of acceptable documents For adults, two documents are required one from List A and one from List B below. List A a government-issued document Government-issued documents include: Valid passport Valid photocard driving licence (full or provisional) National Identity Card (non-uk nationals) Firearms certificate or shotgun licence Identity card issued by the Electoral Office for Northern Ireland Valid (old style) full UK driving licence Latest evidence of entitlement to a state or local authority-funded benefit (e.g. housing benefit, council tax benefit), tax credit, pension, educational or other grant. List B the second document The options here are: A second document from List A OR a document, either government-issued, or issued by a judicial authority, a public sector body or authority, or another regulated firm in the financial services sector. Such documents include: Instrument of a court appointment (such as grant of probate or grant of confirmation) Latest council tax demand letter, or statement Bank statements, or credit/debit card statements, issued by a regulated financial sector firm (but not copies printed off the internet) dated within 5 months Utility bills (except mobile phone bills and those printed off the internet) dated within 5 months. Children s Savings Plan Bare Trust If you have been asked to confirm the identity of a child beneficiary under a Children s Savings Plan Bare Trust then any one of the following documents is acceptable: Valid passport NHS medical card Child benefit documentation Latest child tax credit documentation National Insurance Card (for those aged 16 and over) Birth certificate (please note that due to Crown copyright restrictions we can only accept an original certificate or a copy of a UK birth certificate which has been certified by the Registrar of births, deaths and marriages). What if I don t have the documents that you need? In some circumstances, we appreciate that you may not have the documents requested by us. For example, you may not have a passport or driving licence and you may not be named on any utility bills. In this instance, we would ask that you contact us so that we can discuss alternatives with you. 3

80 Anti-Money Laundering and Checking Your Identity What if I don t provide the back-up for my identity? Initially, we may contact you again requesting this information. If you decide to sell your shares in the future and we have not received the appropriate documents there may be difficulties and delay in releasing the funds to you. Further information We hope that this answers all of your questions, but if you require further assistance, please contact: Baillie Gifford Savings Management Limited PO Box Chelmsford CM99 2DU Or telephone the Client Relations Team on Please refer to the FCA website at: Your call may be recorded for training or monitoring purposes. Copyright Baillie Gifford & Co Authorised and regulated by the Financial Conduct Authority. Ref: AML_BGSM NFP XX