Voting Advisers Recommend Vote AGAINST Saba

12 October 2026

Baillie Gifford US Growth Trust plc (USA)

Legal Entity Identifier: 213800UM1OUWXZPKE539

Glass Lewis, ISS and PIRC recommend Shareholders vote AGAINST Saba's proposals

The Board of Baillie Gifford US Growth Trust plc (the "Company") notes the publication of voting recommendations from independent voting experts Glass Lewis, ISS and PIRC, in relation to the Company's forthcoming Annual General Meeting.

All three LEADING VOTING EXPERTS have recommended that Shareholders VOTE AGAINST the Saba Resolutions (Resolutions 1-3 (inclusive)) at the Annual General Meeting to be held at 1.00 p.m. on 23 October 2026. Further, all three firms recommended that shareholders VOTE FOR re-appointing the existing Directors (Resolutions 4-7).

Industry-leading governance experts Glass Lewis, ISS and PIRC share the Board's concerns about the future of the Company should the proposals put forward by Saba be voted through.

Further details concerning the Annual General Meeting, along with the Board's rationale and unanimous recommendation that Shareholders VOTE AGINST the Saba Resolutions 1-3 (inclusive) and VOTE FOR the Company Resolutions 4-14 (inclusive) can be found in the circular posted to Shareholders on 17 September 2026 (the "Circular") (a copy of which is available on the Company's website at bgusgrowthtrust.com).

All votes AGAINST the Saba Resolutions (1-3 (inclusive)) and FOR the Company Resolutions (4-14 (inclusive)) will be crucial to preserving the independence of the Board and the strategy of the Company. We urge all our Shareholders to make your voices heard to protect the future of the Company.

THE DEADLINE FOR PROXY VOTING CLOSES AT 1.00 P.M. ON 21 OCTOBER 2026. DEADLINES FOR VOTING THROUGH PLATFORMS WILL BE EARLIER.

Any Shareholders needing help or assistance in voting their Shares before the deadline should email [email protected] for more information or call this helpline: 0207 019 7018 (Monday to Friday, 9.00 a.m. to 5.00 p.m.)

Unless the context provides otherwise, capitalised terms used in this announcement shall have the same meanings given to them in the Circular.

Tom Burnet, Chairman of Baillie Gifford US Growth Trust plc, said:

"Baillie Gifford US Growth has been a top decile performing investment trust since launch in March 2018 compared with all UK investment trusts and US equity funds. It has a proven track record of delivering strong value creation for Shareholders through its high-conviction strategy. Further to that it has a distinctive proposition and an independent Board with a wealth of expertise which is directly aligned with the Company's strategy of investing in exceptional public and private US growth companies."

"We are very pleased to see that all three major independent voting advisers have agreed with the Board's unanimous recommendation to VOTE AGAINST the Saba Resolutions. These experts echo the Board's concerns that Saba's proposals are inconsistent with appropriate standards of corporate governance and signal Saba's intent on obtaining control of the Company."

"We urge all of our Shareholders to make your voices heard: VOTE AGAINST the Saba Resolutions and VOTE FOR the Company Resolutions to protect the future of your Company; every vote counts."

Enquiries:

Company 

Tom Burnet

c/o Burson Buchanan

[email protected]

+44 (0)20 7466 5000

Panmure Liberum Limited

Alex Collins / Michael Janes

[email protected]

+44 (0)20 3100 2000

Burson Buchanan

Henry Wilson / Helen Tarbet / Nick Croysdill

[email protected]

+44 (0)20 7466 5000

Company Secretary

Baillie Gifford & Co Limited, Company Secretary

[email protected]  

+44 (0)800 917 2113