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

Victoria 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

Removal of option restrictions

X

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

Business Growth Fund PLC (a/c BGF Investments LP)

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

Pershings Nominees Limited

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

24/11/15

6. Date on which issuer notified:

26/11/15

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

Above 6%

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

Ordinary

365,855

365,855

365,855

365,855

2.011%

GB0009290080

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

Option

31/12/22

24/09/15 - 31/12/22

£2.86 per share

746,000

4.101%

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

1,111,855

6.112%

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:

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

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

13. Additional information:

The Ordinary Shares are held in the name of Pershings Nominees Limited as custodian for BGF Investments LP ("BGF"). The Option is held by BGF.

On 24 November 2015 the option agreement granted by Victoria PLC on 30 September 2014 with BGF, was varied such that the period pursuant to which BGF is permitted to exercise the options and to subscribe for 746,000 ordinary shares now commences on 24 September 2015 and expires 31 December 2022 without any other restrictions applying.

This disclosure is based on issue share capital amount 18,191,206.

14. Contact name:

David Murray

15. Contact telephone number:

0131 224 0140