Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Standard Life European Private Equity Trust plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

Decrease in the total number of shares with voting rights in the Company, following Company purchase of shares for cancellation

P

3. Full name of person(s) subject to thenotification obligation: iii

OXFORDSHIRE COUNTY COUNCIL PENSION FUND

4. Full name of shareholder(s) (if different from 3.):iv

HAREWOOD NOMINEES LIMITED

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

31/03/2016

6. Date on which issuer notified:

21/12/2016

7. Threshold(s) that is/are crossed orreached: vi, vii

3%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Standard Life European Private Equity Trust plc

GB0030474687

4,658,684

4,658,684

4,658,684

4.658,684

0

3.01%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

4,658,684

3.01%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Proxy Voting:

10. Name of the proxy holder:

OXFORDSHIRE COUNTY COUNCIL PENSION FUND

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

14. Contact name:

Clare Allan, Maven Capital Partners UK LLP

OCC Pension Fund Investments Team

15. Contact telephone number:

Maven Capital Partners UK LLP

(0141 206 0129)

OCC Pension Fund Investments Team

(0739 3001077)