To mitigate this risk, the Board regularly reviews and monitors the Company's objective and investment policy and strategy, the investment portfolio and its absolute and relative performance, the level of discount/premium to net asset value at which the shares trade and movements in the share register and raises any matters of concern with the Managers. In 2024, the Board undertook a detailed review of the Company's strategy, execution and performance resulting in a comprehensive action plan to improve execution. Shareholders approved amendments to the investment policy at the General Meeting held on 18 December. Please refer to the Chair's Statement on page 5 of the Annual Report and Financial Statements.

The Board has considered the impact of market volatility driven by macroeconomic factors such as higher interest rates and geopolitical concerns. To manage this risk, the Board regularly reviews metrics on portfolio composition and diversification alongside investment transactions. Discussions with the portfolio manager cover individual investments and market insights. An annual strategy meeting is conducted. Following a detailed review in 2024 of the Company's strategy and performance involving independent advisors, the Board is actively monitoring the execution of an action plan for improved execution and performance..

To mitigate this risk, the Board reviews the investment portfolio at each meeting and discusses the merits and characteristics of individual investments with the Managers. A spread of risk is achieved by holding stocks classified across at least fifteen industries and six countries.

To mitigate this risk, the Board considers the private company securities in the context of the overall investment strategy and provides guidance to the Managers on the maximum exposure to unlisted investments. Valuations of private companies are carried out on a frequent basis by the manager and updated regularly for identified changes in operational developments or recent transactions in shares. The Board reviews the valuations in detail which are carried out by a third-party valuation specialist, subject to the Managers' private company valuation specialist input and is also subject to external audit scrutiny annually.

The Board monitors the level of discount/premium at which the shares trade and the Company has authority to buy back its existing shares or issue shares (including authority to sell shares held in treasury), when deemed by the Board to be in the best interests of the Company and its shareholders. During the year the Board significantly increased the level of buybacks and has announced its intention to return up to £130m to shareholders

Political developments are closely monitored and considered by the Board. It monitors portfolio diversification by investee companies' primary location and considers the potential for negative impacts arising from military action, trade barriers or other political factors

To mitigate this risk, the Audit and Management Engagement Committee review Reports on Internal Controls published by Baillie Gifford and other third party service providers. Baillie Gifford's Business Risk Department report to the Audit and Management Engagement Committee on the effectiveness of information security controls in place at Baillie Gifford and its business continuity framework. Cyber security due diligence is performed by Baillie Gifford on third party service providers which includes a review of crisis management and business continuity frameworks.

This is mitigated by the Managers' strong ESG stewardship and engagement policies which are integrated into the investment process which includes the risk inherent in climate change (see page 55 of the Annual Report and Financial Statements), and which are discussed regularly by the Board with the Managers. Further details of the Managers' approach are set out on page 36 of the Annual Report and Financial Statements and also on the Managers' website, bailliegifford.com/esg. The Directors have considered the impact of climate change on the Financial Statements of the Company and this is included in note 1a to the Financial Statements on page of the Annual Report and Financial Statements.

To mitigate this risk, Baillie Gifford's Business Risk, Internal Audit and Compliance Departments provide regular reports to the Audit and Management Engagement Committee on Baillie Gifford's monitoring programmes. Should major regulatory change seem likely to could impose disproportionate compliance burdens on the Company representations are is made to the relevant authorities to ensure that the special circumstances of investment trusts are recognised. Shareholder documents and announcements, including the Company's published Interim and Annual Report and Financial Statements, are subject to stringent review processes, and procedures are in place to ensure adherence to the Transparency Directive and the Market Abuse Directive with reference to inside information.

To mitigate this risk, the Audit and Management Engagement Committee receives six monthly reports from the Depositary confirming safe custody of the Company's assets held by the Custodian. Cash and portfolio holdings are independently reconciled to the Custodian's records by the Managers who also agree uncertificated unlisted portfolio holdings to confirmations from investee companies. In addition, the existence of assets is subject to annual external audit and the Custodian's internal controls assurance reports are reviewed by Baillie Gifford's Business Risk Department and a summary of the key points is reported to the Audit and Management Engagement Committee and any concerns investigated.

To mitigate this risk, Baillie Gifford has a comprehensive business continuity plan which facilitates continued operation of the business in the event of a service disruption or major disaster. The Audit and Management Engagement Committee reviews Baillie Gifford's Report on Internal Controls and the reports by other key third party providers are reviewed by Baillie Gifford on behalf of the Board and a summary of the key points is reported to the Audit and Management Engagement Committee and any concerns investigated. The other key third party service providers have not experienced significant operational difficulties affecting their respective services to the Company.

To mitigate this risk, all borrowings require the prior approval of the Board and leverage levels are discussed by the Board and Managers at every meeting. Covenant levels are monitored regularly. Details of the Company's current borrowing facilities and drawings can be found in note 10 on page 103 of the Annual Report and Financial Statements. The majority of the Company's investments are in quoted securities that are readily realisable. Further information on leverage can be found on page of the Annual Report and Financial Statements and the Glossary of Terms and Alternative Performance Measures on pages 122 to 124 of the Annual Report and Financial Statements.