Results presentation for year end 30 September 2017

Overview of the Standard Life Private Equity Trust “SLPET”

UK Listed Investment Trust

Conviction investor in private equity

Investing in private equity funds, majority with a European focus

Focused portfolio of funds from leading PE managers

Solid net asset value (“NAV”) and share price growth

Long term outperformance against listed markets

Robust balance sheet with strong cash generation from the portfolio

Enhanced dividend policy, market leading yield ~3.5%

Unique, flat rate fee of 0.95% on NAV

+31.9% 12 month share price

total return

+9.9% Since inception NAV

annualised total return

+14.9% 12 month NAV

total return

£599m NAV

+9.3% Since inception share price

annualised total return

Notes: Figures as at 30 September 2017 unless stated otherwise. Total return includes dividends re-invested

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Highlights for the year

Notes: Figures at 30 September 2017 unless stated otherwise. Total return includes dividends reinvested

Share price growth +31.9% Annual total return

NAV growth +14.9% Annual total return

NAV

£599.0 million

389.6p per ordinary share

Cash realisations £130.7 Million 12 months

Cash invested £94.0 Million 12 months

Market cap £525.0 million Share price 341.5p

Interim dividend 6.0p per share

Proposed full year dividend 12.0p Yield 3.5%

Management fee 0.95% of NAV

1.13% Expense ratio

£325.6 million Outstanding commitments

£93.6 million Cash balance

12.3% Discount to NAV

3

Private equity market dynamics

• Robust levels of new deal activity Continued steady growth since the financial

crisis Strong levels of activity in the mid-market

space: SLPET’s sweet spot Q2 2017 buyout activity was up versus the

same period in prior years

• Strong levels of exit activity Robust exit activity since 2013 GPs have been taking advantage of buoyant

exit markets Trade acquirers have been particularly active

over the last four years

4

Private equity market dynamics

• Dry powder continuing to tick up Majority of dry powder is targeted at the US US and European dry powder represents ~3.6

years/~3.4 years of investment, respectively

• Pricing is full and leverage stable Competitive for high quality assets Average European deals at ~9.5x driven by

increasing dry powder Leverage below 2007 levels Structuring remains conservative Overall cost of debt attractive

5

SLPET’s solid performance

Annualised total return 30 September 2017 3 months* 6 months* 1 year 3 years 5 years Since inception

(29 May 2001)

SLPET NAV +1.1% +7.0% +14.9% +17.1% +13.5% +9.9%

SLPET share price +2.5% +13.4% +31.9% +17.4% +18.9% +9.3%

FTSE All Share Index +2.1% +3.6% +11.9% +8.5% +10.0% +5.8%

MSCI Europe Index +3.1% +6.9% +19.1% +11.8% +13.1% +6.2%

Notes: *Not annualised. Figures in GBP. Source: SL Capital, Thomson Reuters Datastream

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Key contributors to NAV growth

• Solid results for the 12 months • 14.9% NAV total return • 12.5% NAV increase to 389.6p Realised gains and income of 42.9p Unrealised gains of 14.6p

• 27.8% increase in share price to 341.5p 12.3% discount (22.8% at 30 September

2016)

• Dividend Interim dividend of 6.0p paid in July 2017 Proposed dividend of 12.0p for full year 3.5% dividend yield Dividend 2/3rds covered by portfolio income Quarterly dividends going forward

7

Investments and commitments

• Primary commitments £110.1m committed to 4 funds IK VIII, HgCapital 8, CVC VII, Nordic Capital

IX

• Secondary transactions £20.2m invested in 3 transactions TowerBrook Investors III/IV, Nordic Capital VII

• Outstanding commitments £325.6m £60m unlikely to be called Outstanding commitments less liquid

resources 25.4% of NAV (LT target 30-75%)

8

Portfolio cash flows and liquidity

• Investment pace £94.0m invested in new underlying

companies £20.2m invested in 3 secondary

transactions

• Distributions £130.7m distributed Portfolio cash flow positive in past 12

months, albeit slowing down versus prior years

~25% uplift to exit from last relevant valuation

• Liquidity £93.6m cash balance £80.0m revolving credit facility Available for tactical opportunities

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Underlying portfolio growth

• Strong underlying performance 8.7% pa revenue growth 9.1% pa EBITDA growth Continued outperformance vs. listed

markets Demonstrates the private equity active

ownership model: key driver of asset class alpha generation

Notes: June 2017 figures account for 74% of underlying SLPET funds by NAV. Simple average used.

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Discount/secondary market trading

• SLPET discount SLPET share price discount has narrowed

over the last 12 months from 22.8% to ~12% Listed private equity sector as a whole has

tightened SLPET has performed in line with or ahead of

peers

• Secondary market High quality private equity funds continue to

trade at, or a premium to NAV SVG transaction demonstrated the value in

the sector and the high quality of NAVs

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Building the portfolio for growth

Primary commitments

Secondary purchases and sales

2013 2014 2015 2016 2017

13

Largest 10 underlying private companies

Notes: Figures as at 30 September 2017

14

Largest 10 private equity funds

Notes: Figures as at 30 September 2017

15

Geographic location of underlying investments

Notes: Figures as at 30 September 2017

16

Sector exposure and holding period of underlying investments

Notes: Figures as at 30 September 2017

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Conclusion

• Private equity continues to offer investors a value opportunity Strong growth from private equity backed businesses driving performance Ability to create value from operational improvement remains key Positive exit environment

• Why invest now in SLPET? Provides access to conviction portfolio of high quality private equity assets More flexible investment strategy can take advantage of volatility Companies continue to be sold on average ~25% above last relevant valuation Discount continues to offer value at ~12% Increased annual dividend of 12.0p provides attractive ~3.5% yield Flat rate fee of 0.95% of NAV per annum, total costs = 1.14% Track record of delivering consistent NAV growth from mature portfolio +17% p.a. over last 3 years Strong balance sheet with prudent level of outstanding commitments

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Appendices

The Manager

Peter McKellar • Chair, Investment Committee • Portfolio Construction Committee • 19 years at SL Capital • Private equity background

Roger Pim • Responsible for SLPET • Investment Committee • Portfolio Construction Committee • 16 years at SL Capital

Richard Chapman • Investment Director • Primary funds and secondaries • 10 years at SL Capital • Corporate finance experience

Simon Tyszko • Investment Manager • Primary funds and co-investments • Joined in 2014 • Background in restructuring

Patrick Knechtli • Investment Committee • Portfolio Construction Committee • Head of Secondaries • 8 years at SL Capital

Khim H’Ng • Senior Fund Controller • Joined in 2016 • PwC, JP Morgan and CitiBank

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General SLPET information

Investor information

Fund Manager SL Capital Partners LLP

Fund launch date 29 May 2001

Annual management charge 0.95% of net assets

Fund type Closed end investment company

Number of shares 153.7 million

Year end 30 September

Valuation points 31 Mar, 30 Jun, 30 Sep, 31 Dec

Domicle United Kingdom

Base currency GBP

Exchange LSE

Sedol 3047468

ISIN GB0030474687

Reuters SLPE.L

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Top 20 shareholders and notable changes in shareholdings

No. Name % of shares No. of shares at 30 Sep 2017 (m)

No. of shares 6 months prior (m)

Movement over the period (m)

1 Aberdeen Standard Investments 56.3% 86.6 86.1 0.5

2 Quilter Cheviot Investment Management 5.1% 7.8 5.1 2.8

3 Old Mutual Global Investors 3.1% 4.8 8.2 -3.5

4 Oxfordshire CC PF 3.0% 4.7 4.7 0.0

5 Hargreaves Lansdown 2.0% 3.0 2.3 0.7

6 Alliance Trust 1.9% 2.8 2.6 0.2

7 BMO Global Asset Management 1.8% 2.8 3.1 -0.3

8 Scottish Enterprise PF 1.7% 2.7 2.7 0.0

9 Legal & General Investment Management 1.5% 2.3 2.4 -0.1

10 Charles Stanley 1.3% 1.9 0.8 1.1

11 Rathbones 1.0% 1.6 1.5 0.1

12 Janus Henderson Investors 1.0% 1.6 1.6 0.0

13 Brewin Dolphin 1.0% 1.5 1.3 0.2

14 Red Rocks Capital 0.9% 1.4 3.1 -1.7

15 Smith & Williamson Investment Management 0.9% 1.4 2.8 -1.5

16 Barclays Stockbrokers 0.9% 1.3 1.2 0.1

17 Credit Suisse Private Banking 0.8% 1.3 1.0 0.3

18 BlackRock 0.8% 1.2 1.2 0.0

19 LGT Capital Partners 0.8% 1.2 1.8 -0.6

20 Mr David Currie 0.7% 1.1 1.1 0.0

Total 86.4%

Notes: Figures as at 30 September 2017

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Top 30 underlying private company investments

No. Company Description Fund Year of investment % of NAV

1. Action Non-food discount retailer 3i Euro¡nd V 2011 7.1% 2. Scandlines Northern European ferry operator 3i Euro¡nd V 2007 2.3% 3. Bambora Payment terminal services Nordic Capital Fund VIII 2014 1.2% 4. Lindor¢ Debt collection and accounting services Nordic Capital Fund VIII 2014 1.1% 5. Schenck Process Industrial weighing and measuring systems Industri Kapital 2007 2007 1.1% 6. ista Heat and water metering CVC European Equity Partners V 2013 1.0% 7. Handicare Mobility solutions for disabled and elderly Nordic Capital Fund VII 2010 1.0% 8. Vistage Membership organisation of CEOs TowerBrook Investors III 2012 1.0% 9. CPA Global Intellectual property management services Fourth Cinven Fund 2012 0.9% 10. Element Materials testing Bridgepoint Europe V 2016 0.9% 11. Norican Metallic parts formation and preparation industry Altor Fund IV 2015 0.9% 12. Not Disclosed Specialty retailer of services and solutions for pets BC European Capital IX 2015 0.9% 13. Colisee Elderly Care IK VIII 2017 0.8% 14. Munters Air treatment Nordic Capital Fund VII 2008 0.8% 15. Nemera Drug administration systems Montagu IV 2014 0.7% 16. Exxelia Manufacturer of customised electronic components IK VII 2014 0.7% 17. Binding Site Clinical laboratory diagnostics Nordic Capital Fund VII 2011 0.7% 18. InfoPro Digital B2B professional information services TowerBrook Investors IV 2016 0.7% 19. Not Disclosed Academic and scienti¥c information provider BC European Capital IX 2013 0.7% 20. EVAC Waste & water management production specialists IK VII 2014 0.7% 21. Sebia Equipment for the electrophoresis market Montagu IV 2014 0.7% 22. Skandiabanken ASA Digital bank Altor Fund IV 2016 0.7% 23. Tilney Bestinvest Independent investment advice Permira V 2014 0.6% 24. Not Disclosed Recovery audit services Advent Global Private Equity VI 2012 0.6% 25. Cérélia Manufacturer of ready to use dough IK VII 2015 0.6% 26. TriStyle Fashion retailer Equistone Partners Europe Fund V 2015 0.6% 27. Salad Signature Private label food franchise IK VII 2016 0.6% 28. Photobox Online photo laboratory Exponent Private Equity Partners III 2016 0.6% 29. Not Disclosed Mattress manufacturer Advent Global Private Equity VI & VII 2012 0.6% 30. Teamviewer Computer so©ware Permira V 2014 0.6%

Total 31.40%

Notes: Figures as at 30 September 2017

23

Portfolio valuation multiples: top 50 investments

• Enterprise value/EBITDA Portfolio is in line with the European market

for size and sector of deals High multiple deals are strong performers Median between 11x-12x Action/Munters/Sebia

• Net debt/EBITDA In line with European buyout deals Outliers have high quality cashflow Median between 4x-5x Springer/PetSmart/InVentiv

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