ScotGems plc

Annual General Meeting 30 April 2019

www.scotgems.com

RISK FACTORSThis presentation is a financial promotion for ScotGems plc (the “Company”) intended 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.

• 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.

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

• 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 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, the risks, returns and costs and charges please see the Key Information Documentation and Investor Disclosure Document.

All information included in this presentation has been sourced by Stewart Investors and is displayed as at 31 March 2019 unless otherwise specified and to the best of our knowledge is an accurate reflection as at this date.

If you are in any doubt as to the suitability of the Company for your investment needs, please seek investment advice.

Top ten holdings

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Company Trust(%)

Index* (%) Country Sector

Philippine Seven 5.8 – Philippines Consumer Staples

Delfi 5.6 – Singapore Consumer Staples

Cyient 5.5 – India Information Technology

Tata Global Beverages 5.3 – India Consumer Staples

Unilever Nigeria 5.1 – Nigeria Consumer Staples

Bank OCBC NISP 4.9 – Indonesia Financials

RCL Foods 4.8 – South Africa Consumer Staples

Youngone Holdings 4.4 – South Korea Consumer Discretionary

Batu Kawan 4.1 – Malaysia Materials

Suprajit Engineering 4.1 – India Consumer Discretionary

49.6 –

Source: Stewart Investors as at 31 March 2019. Data shown is for ScotGems plc. *MSCI AC World Index. Numbers may not add to totals due to rounding.

Company case study – Philippine Seven

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Country: Philippines

Market Cap: USD 1,800 million

Company description: Convenience stores in the Philippines

Qualities: • Parent company has built a similar business in Taiwan

• Local management team also own shares

• Cash generative nature of business helps expansion

Risks: Politics in the Philippines

Retail subject to disruption (internet)

Source: Stewart Investors research and company information. Market cap information source: Bloomberg L.P. © as at 31 March 2019.

Company case study – Delfi

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Country: Indonesia

Market Cap: USD 654 million

Company description: Indonesia's largest chocolate manufacturer and distributor

Qualities: • Market leader

• Family stewardship

• Focused business

Risks: Discretionary nature of products

Health positioning of products

Increasing competition

Source: Stewart Investors research and company information. Market cap information source: Bloomberg L.P. © as at 31 March 2019.

Company case study – Cyient

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Country: India

Market Cap: USD 1,060 million

Company description: Engineering outsourcing business, based in Hyderabad, India

Qualities: • Professionalising under second generation family CEO

• History of partnering and growing with customers

• Strong balance sheet and cash generative business model

Risks: Acquisitions could lead to integration issues

Profitability squeezed by customers

Glass ceiling for professionals

Source: Stewart Investors research and company information. Market cap information source: Bloomberg L.P. © as at 31 March 2019.

Portfolio and performance

Country breakdown

8Source: Stewart Investors as at 31 March 2019. Data shown is for ScotGems plc. *MSCI AC World Index. Countries that we do not own and have index weightings of less than 2% are not shown. Index weights will therefore not add to 100. Cash equivalents may include T-Bills.

ScotGems plc(%)

Index*(%)

ScotGems plc(%)

Index*(%)

ScotGems plc(%)

Index*(%)

Europe 3.6 13.9 Asia Pacific 59.5 19.4 Latin America 3.2 0.3

France - 3.4 Australia – 2.1 Mexico 3.2 0.3

Germany - 2.6 China 3.7 3.9

Switzerland - 2.7 Hong Kong 2.6 1.2 North America – 58.1

Turkey 3.6 0.1 India 17.7 1.1 Canada – 3.0

United Kingdom - 5.1 Indonesia 7.4 0.3 United States – 55.0

Japan – 7.2

Malaysia 5.1 0.3 Africa & Middle East 12.1 0.7

Philippines 5.8 0.1 Nigeria 5.9 –

Singapore 8.9 0.4 South Africa 6.2 0.7

South Korea 6.6 1.5

Taiwan 1.8 1.3 Cash & cash equivalents 21.6 –

Sector breakdown

9Source: Stewart Investors as at 31 March 2019. Data shown is for ScotGems plc and the MSCI AC World Index. Numbers may not add to 100 due to rounding. Cash equivalents may include T-Bills.

35.9

13.2

8.2 7.76.6

5.0

1.8

21.6

8.4

10.8

16.615.7

4.9

11.710.4

8.7

6.3

3.3 3.3

0

10

20

30

40

ConsumerStaples

ConsumerDiscretionary

Financials InformationTechnology

Materials Health Care Industrials CommServices

Energy Real Estate Utilities Cash & cashequivalents

Wei

ght (

%)

ScotGems plc MSCI AC World Index

Performance review

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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 and the MSCI AC World Small Cap Index, calculated on an income reinvested net of tax basis. NAV performance is the theoretical total return over the periods shown and assuming dividends paid to shareholders were reinvested at Net Asset Value per share at the time the shares were quoted ex-dividend. This is a way of measuring investment management performance of investment trusts which is not affected by movements in discounts or premiums. 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.

Discrete annual performance12 months

to31-Mar-19

ScotGems plc NAV -1.7

ScotGems plc Share Price -8.2

MSCI AC World Index 10.5

MSCI AC World Small Cap 4.7

Cumulative performance as at 31 March 2019 Since 1 6 3launch year months months

ScotGems plc NAV -4.7 -1.7 1.2 2.4

ScotGems plc Share Price -17.2* -8.2 -2.9 -8.6

MSCI AC World Index 9.9 10.5 -2.1 9.6

MSCI AC World Small Cap 6.0 4.7 -5.8 10.5

NAV and Share Price (% GBP)

About ScotGems plc

ScotGems plc

An investment trust investing in small cap companies listed on global stock markets

• Focused on long-term capital growth

• Concentrated portfolio – typically 20-30 holdings

• Freedom to invest globally, with an initial tilt on Asia Pacific and Emerging Markets

• Small cap companies are defined as those with a market cap of less than USD 2.5 billion at the time of purchase

• Launched: 26 June 2017

12Source: Stewart Investors. ScotGems plc is the name of the investment trust (the ‘Company’). A detailed description of the investment objective and risk factors that apply to the Company is available in the Key Information Documentation and Investor Disclosure Document.

Why Smaller Companies?

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• Discover and back businesses earlier in their journey

• Focused on growth areas

• Allows better alignment with managers and owners

• Typically under researched

Our investment approach

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Since 1988 we have had an approach founded on:

• Stewardship

• Absolute return mindset

• Bottom-up

• Long-term

• Quality companies

• Sustainable and predictable growth

• Strong valuation disciplines

What we look for

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Subjective,grey

Objective, black & white

Numbers History and evidence

STEWARDSHIP

Financials and franchise

Forecasts and models

Integrity

Alignment

Innovation

Attitude to risk

Attitude to all stakeholders

Researching smaller companies

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• Generate ideas based on existing network of families and business people we trust

• Critical to meet management teams

• Company report analysis

• Ideas discussed and debated amongst the team

• Dedicated small cap companies investment meeting

Valuation and portfolio construction

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• Valuation discipline based on analysis of earnings, cash flows, book value, replacement cost and physical metrics

• Fair market values regularly reviewed for all companies

• Portfolio construction is a function of quality, liquidity and price

• Investment controls and portfolio construction parameters in place

• Risk monitoring systems in place

• Although the MSCI AC World Index and the MSCI AC World Small Cap Index will be used as comparator indices, these indices will not be used for portfolio construction or risk management purposes. The investment approach may result in periods of significant divergence from the comparator indices.

ScotGems plc – Terms

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• The Company has issued Ordinary Shares

• Annual management fee of 1% of the Company’s net assets

• Ongoing Charge Figure capped at 1.5% of NAV

• Dividend payments will not be an initial focus of the Company

• Borrowing permitted up to 20% of net asset value at the time of borrowing

About Stewart Investors

Stewart Investors - a brief history

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Asia Pacific capability developed

by Angus Tulloch

About Stewart Investors

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• Established in 1988

• Based in Edinburgh with colleagues in London, Singapore and Sydney

• Long-only equity specialist

• £20.3 billion assets under management

• Ongoing commitment to capacity management

Source for Assets Under Management: Stewart Investors as at 31 December 2018.

Investment team

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*

Source: Stewart Investors as at 31 March 2019. *On secondment from our Edinburgh office.

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Assets under management

Source: Stewart Investors as at 31 December 2018 in GBP. Assets have been converted from the base currency of each account using the WM Reuters 4pmexchange rate as at 31 December 2018. Strategy AUM may not match totals exactly due to rounding. Data is calculated internally and unaudited.

Total AUM Total(GBP bn)

Stewart Investors 20.3Asia Pacific equities 9.8GEM equities 8.1Worldwide equities 2.4

Strategy AUM by investment group Total(GBP m)

St Andrews Partners 8,586Asia Pacific 775Frontier 95Global Emerging Markets 6,997Latin America 318Worldwide 400

Sustainable Funds Group 11,713Asia Pacific 8,719Global Emerging Markets 665Indian Subcontinent 290Worldwide 2,040

Research and Execution

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• All trading is carried out on an execution-only basis

• Independent brokers are chosen by our centralised dealing team

• On 1 July 2015 we moved to a fully unbundled model –

– All research is paid for by Stewart Investors, from our profit and loss account

– Forming long-term partnerships and emphasising trust

– Encouraging a process where insightful research is valued and rewarded

– Aim to attract researchers from within the financial industry and outside it

– Writing and awarding tenders on specific subjects

Our past and current research topics are available on our website - http://www.stewartinvestors.com/research-tenders

Hippocratic oath for asset managers

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We swear to fulfil, to the best of our ability and judgement, this covenant:

• We will treat our clients at all times as we would wish to be treated

• We will not allow the pursuit of personal gain to cloud our fiduciary role

• We will strive to achieve, through hard work, sober analysis and sound judgement, the best risk-adjusted returns possible for

our clients

• We will not, however, pursue these returns to the extent that our actions will knowingly harm others

• We will remember that a share in a business brings with it responsibilities as well as rights

• We will not forget in our search for returns that the primary risk faced by our clients is losing their capital

• We will not succumb to irrational exuberance in good times, nor to unjustified gloom in bad times

• We will present a balanced viewpoint, highlighting risks as well as potential returns

• We will recognise that our role within society is to allocate capital where it can be used most productively for the future benefit

of all

• We will not be ashamed to admit our mistakes and will strive to learn from them, as well as those of others

• We will share our experiences – both good and bad – with our peers, and work together with them to earn the respect of those

outside the investment profession

• We will play our part in promoting financial education as it benefits wider society

• Finally, we will recall at all times the stricture that “those, who stand for nothing, fall for anything”

Glossary

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Absolute return – a return provided by a share or portfolio which is not measured relative to another shareor benchmark index

Book value – the value of an asset according to its stated value on the balance sheet of a company

Bottom-up – analysis of a company focused principally on its management, franchise and financialsrather than the broader industry in which it operates, or macroeconomic factors, such aseconomic growth

Capacity management – controlling the level of flows in terms of assets under management

Fair market value – an estimate of the market value of an asset, based on the amount that the asset could bebought or sold for in a liquid market

Long-only equity specialist – an investor who buys positions in the shares of companies in order to benefit from anincrease in their value and does not ‘sell short’ to benefit from a fall in their value

Net asset value (NAV) – the value of a company’s assets less the value of its liabilities

Replacement cost – the cost of replacing an asset at present valuations

T-Bills – a US Treasury bill which is a short-term debt obligation issued by the US treasury

Unbundled model - a business model that charges for items or services separately rather than as part of apackage

Important information

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This presentation has been prepared for informational purposes only and is only intended to provide a summary of the subject matter covered and does not purport to be comprehensive. The views expressed are the views of the writer at the time of issue and may change over time. It does not constitute investment advice and/or a recommendation and should not be used as the basis of any investment decision. This presentation is not an offer document and does not constitute an offer or invitation or investment recommendation to distribute or purchase securities, shares, units or other interests or to enter into an investment agreement. No person should rely on the content and/or act on the basis of any material contained in this presentation.

This presentation is confidential and must not be copied, reproduced, circulated or transmitted, in whole or in part, and in any form or by any means without our prior written consent. The information contained within this presentation has been obtained from sources that we believe to be reliable and accurate at the time of issue but no representation or warranty, express or implied, is made as to the fairness, accuracy, or completeness of the information. We do not accept any liability whatsoever for any loss arising directly or indirectly from any use of this information.

References to “we” or “us” are references to Stewart Investors. Stewart Investors is a trading name of First State Investments (UK) Limited and First State Investments International Limited.

In the UK, this presentation is issued by First State Investments (UK) Limited which is authorised and regulated by the Financial Conduct Authority (registration number 143359). Registered office Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB number 2294743.

The distribution or purchase of shares in the Company, or entering into an investment agreement with Stewart Investors may be restricted in certain jurisdictions.

ScotGems plc (the “Company”) is an investment trust, incorporated in England and Wales with registered number 10755475, whose shares have been admitted to the Official List of the London Stock Exchange plc. The Company is an alternative investment fund for the purposes of the Alternative Investment Fund Managers Directive. The Company has appointed First State Investments (UK) Limited as its alternative investment fund manager, and First State Investments International Limited has been appointed as investment manager. Further information is available from Client Services, Stewart Investors, 23 St Andrew Square Edinburgh, EH2 1BB or by telephoning 0800 587 4141 between 9am and 5pm Monday to Friday or by visiting www.scotgems.com. Telephone calls with Stewart Investors may be recorded.

First State Investments (UK) Limited and First State Investments International Limited are part of Colonial First State Asset Management (“CFSGAM”) which is the consolidated asset management division of the Commonwealth Bank of Australia ABN 48 123 123 124. CFSGAM includes a number of entities in different jurisdictions, operating in Australia as CFSGAM and as First State Investments elsewhere.

The Commonwealth Bank of Australia (“Bank”) and its subsidiaries do not guarantee the performance of any investment or entity referred to in this presentation or the repayment of capital. Any investments referred to are not deposits or other liabilities of the Bank or its subsidiaries, and are subject to investment risk including loss of income and capital invested.

Copyright ©2019 Stewart Investors EPRES SCOTGEMS MAR19