Total Trust Size: 159,922,567 ordinary shares

Investment Management Charge: 0.8% pa

Directors: All of the Directors are independent of Standard Life and are non-executive, with management of the company delegated to the Investment Manager.

Investment Objective: To achieve long term capital gains from investment in a diversified portfolio of private equity funds investing predominantly in Europe. The focus will be on those funds that invest in mid-market buyouts and expansion capital.

Investment Policy: The Trust will invest in a broad portfolio of funds which is diversified by country, industry sector, stage of development and size of investment. The Trust will typically have holdings in around 35 funds which invest principally in Europe. The Trust also has the capacity to over-commit to its underlying fund investments to achieve a degree of gearing through the use of a revolving credit debt facility.

Investment Outlook: The management team are confident that the medium term outlook for the European Economy and the prospects for growth in the private equity market will provide attractive opportunities for making and realising new and existing investments.

Investment Manager: SL Capital Partners LLP. The investment management team has over 170 years of combined private equity expertise. The team has raised approximately €6.1 billion* on behalf of clients in 24 different countries worldwide, including Standard Life. For more information on the management team, click here.