Baillie Geu Regulatory News (BGEU)

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are at- tachedii:

Baillie Gifford European Growth Trust PLC

Legal Entity Identifier: 213800QNN9EHZ4SC1R12

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv

Name

City and country of registered office (if applicable)

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

Name

Wells Capital Management

City and country of registered office (if applicable)

San Francisco, California, USA

5. Date on which the threshold was crossed or reachedvi:

10/02/2020

6. Date on which issuer notified (DD/MM/YYYY):

12/02/2020

7. Total positions of person(s) subject to the notification obligation

% of voting rights at- tached to shares (to- tal of 8. A)

% of voting rights through financial instru- ments

(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of is- suervii

Resulting situation on the date on which

threshold was crossed or reached

18.85%

N/A

18.85%

36,219,933

Position of previous notification (if applicable)

19.10%

N/A

19.10%

36,219,933

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type of shares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive

2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive

2004/109/EC) (DTR5.2.1)

GB0003295010

6,827,670

18.85%

SUBTOTAL 8. A

6,827,670

18.85%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial in- strument

Expiration datex

Exercise/ Conversion Periodxi

Number of voting rights that may be acquired if

the instrument is exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration datex

Exercise/

Conversion Pe- riod xi

Physical or

cash settlementxii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial in- struments if it equals

or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Wells Capital Management

18.85%

18.85%

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional informationxvi

Place of completion

San Francisco, California, USA

Date of completion

12/02/2020