Performance Record
Important Information

This document is a financial promotion for ScotGems plc (the “Company”) only for those people resident in the UK for tax and investment purposes. Investing involves certain risks including:

The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested.

Currency risk: the Company invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Company.

Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets.

Smaller companies risk: the Company invests in smaller company shares which can be more unpredictable and more difficult to sell than those of larger company shares.

Concentration risk: the Company typically invests in a concentrated portfolio of investments and should a particular investment decline in value, this will have a pronounced effect on the overall value of the Company.

The Company’s share price may not fully reflect net asset value.

Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell. Reference to the names of any company is merely to explain the investment strategy and should not be construed as investment advice or a recommendation to invest in any of those companies.

For an overview of the terms of investment, risks and costs and charges please refer to the Key Information Document and Investor Disclosure Document. If you are in any doubt as to the suitability of the Company for your investment needs, please seek investment advice.

Past performance is not a reliable indicator of future results.

Although the Company will use the MSCI AC World Index, MSCI AC Emerging Markets Small Cap Index and the MSCI Emerging Markets Index as comparator indices, these indices will not be used for portfolio construction or risk management purposes.

The investment policy changed on 9 December 2019. To reflect the changes to the investment policy, since that date the MSCI AC World Small Cap Index has been replaced with MSCI AC Emerging Markets Small Cap Index.

These figures refer to the past. Past performance is not a reliable indicator of future results. For investors based in countries with currencies other than GBP, the return may increase or decrease as a result of currency fluctuations. Source for Trust: Lipper IM/Bloomberg/Trust Administrator. The NAV performance data is calculated on a net basis after deducting all fees (e.g. investment management fee) and costs (e.g. transaction and custody costs) incurred by the Trust. The NAV includes dividends reinvested on a net of tax basis. Source for benchmark: FactSet. The benchmarks shown are the MSCI AC World Index, the MSCI AC Emerging Markets Small Cap Index and the MSCI Emerging Markets Index calculated on an income reinvested net of tax basis. Since launch performance calculated from 26 June 2017. * Since launch share price return is calculated by Lipper IM using a closing mid-price of 102p on the day of launch, not the IPO price.