SCOTGEMS

ScotGems plc is a United Kingdom-based investment trust. The Company's objective is to provide shareholders with long-term capital growth. The Company seeks to achieve its investment objective by investing in a diversified portfolio of small capital companies. The Company's portfolio will consist primarily of companies that are incorporated or listed in emerging markets or listed on developed market exchanges where a majority of their activities take place in emerging markets. The Company will invest across a range of sectors. The Company may only invest in unlisted companies where it is reasonably expected that such companies will be listed within 12 months from the time of investment. The aggregate value of all investments in unlisted companies, based on the original book cost of each investment shall be limited to 15% of the net assets of the Company at the time of investment. The Company's investment manager is Stewart Investors.