Scottish Mortgage Investment Trust PLC announces that it has raised a further USD 400 million (c£294 million) in long-term, fixed rate, senior, unsecured private placement notes, denominated in US Dollars. This transaction has provided the Company with further long-term financing at very attractive rates. As Scottish Mortgage's assets have grown, the Board has increased the absolute level of the borrowings for the Company in order to maintain what it believes to be the appropriate level of gearing of the portfolio.

In line with the gearing policy and guidance provided in the Company's Annual Report, the Board remains committed to the strategic use of borrowings for the Company in this way, with the aim of enhancing returns to shareholders over time, in line with Scottish Mortgage's distinctive investment philosophy and disciplined long-term approach. The new private placement agreement provides for total additional borrowings of USD 400 million, through the issuance of three notes: one 30-year note for USD 175 million with a fixed coupon of 2.99%, one 35-year note for USD 110 million with a fixed coupon of 3.04% and a 40-year note for USD 115 million with a fixed coupon of 3.09%. All coupons will be payable semi annually.

The funding date for all three tranches was 19 January 2022.