Board Update - Tax Residency & Trading Segment

The Schiehallion Fund Limited

(the "Company")

Legal Entity Identifier: 213800NQOLJA1JCWXQ56

Board Update: Tax Residency & Trading Segment

Further to the statement made in the most recent annual report, the Board of The Schiehallion Fund Limited (the "Company") has begun the process to enable the Company to become UK tax resident and to be able to join the UK's investment trust regime. It is anticipated that this would take effect during Q1 2026.

The Board also intends to consult with the Company's shareholders in relation to a potential transfer of the Company's ordinary shares of no par value (the "Shares") from trading on the Specialist Fund Segment of the London Stock Exchange (the "LSE") to trading on the LSE's Main Market which, if shareholders are supportive, would be expected to take effect at broadly the same time as any change in tax residency.

Change in tax residency, entry into the UK's investment trust regime and a transfer of listing would each be subject to any requisite regulatory, tax or shareholder approvals being obtained, including eligibility for admission of the Shares to the closed-ended investment funds category of the Official List and approval for trading of the Shares on the Main Market being granted by the Financial Conduct Authority and the LSE, respectively. The Board expects to make further announcements of developments in due course.

Baillie Gifford & Co Limited

23 May 2025

Regulated Information Classification: Additional regulated information required to be disclosed under applicable laws and regulations.