Summary

The Board of Directors of the Company has carried out a review of the Company's management arrangements. In place of the present manager, Baillie Gifford, Artemis Investment Management LLP ("Artemis") will be appointed as investment manager with effect from 1 May 2014. The investment policy will continue to focus on global equities. The Company's GBP76 million portfolio will be managed by Artemis' Global Select team, led by Simon Edelsten.

Simon said: "We are delighted to be selected as investment manager of the Company. This is a positive endorsement of our investment strategy. We look forward to working with the Board and are confident that our investment approach will add value for shareholders over the longer term."

The Artemis Global Select team consists of Simon Edelsten, Alex Illingworth and Rosanna Burcheri. As at 31 March 2014, the Artemis Global Select team managed in excess of some GBP459 million, including the Artemis Global Select Fund.

The Artemis Global Select strategy focuses on a concentrated portfolio of high quality companies that stand to benefit from stable growth trends. Investment decisions are based on a fundamental, bottom-up process with intensive accounts-based analysis driving stock selection. The strategy is benchmark agnostic and is focused on real returns with a bias towards capital protection.

Source: Artemis as at 31 March 2014

Artemis will manage the Company under terms largely the same as those with Baillie Gifford. The management fee will be unchanged at 0.5% of NAV per annum.

For more information, contact:

Ross Leckie
Ross.leckie@artemisfunds.com
0207 399 6361

Alice Stevens
Lansons

Notes to editors
Artemis is an independent asset manager established in 1997, with GBP17.7 billion under management (as at 31 March 2014: source, Artemis). This is spread across a range of 15 unit trusts, an existing investment trust, a hedge fund, a venture capital trust and both pooled and segregated institutional portfolios.

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