Instem : Notification of Major Holdings

TR-1: Standard form for notification of major holdings

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 attachedii:

Instem plc

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

Alto Invest

City and country of registered office (if applicable)

Versailles, France

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

Name

INNOVALTO 2015 fund FORTUNE EUROPE 2014 fund OBJECTIF EUROPE fund FORTUNE EUROPE 2015 fund

City and country of registered office (if applicable)

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

27 July 2018

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

30 July 2018

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

% of voting rights attached to shares

(total of 8. A)

% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)Total of both in %

(8.A + 8.B)Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

4.99%

15 912 431

Position of previous notification (if applicable)

5.30%

5.30%

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)
GB00B04X1Q77	795 562	4.99%
SUBTOTAL 8. A	795 562		4.99%

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

Type of financial instrumentExpiration datexExercise/ Conversion Periodxi

Number of voting rights

that may be acquired if the instrument is exercised/converted.

% of voting rights

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 instrumentExpiration datexSUBTOTAL 8. B 1

Exercise/ Conversion Period xiPhysical or cash settlementxiiNumber 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				X
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 instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold

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	Versailles
Date of completion	30/07/2018

Annex: Notification of major holdings (to be filed with the FCA only)

A: Identity of the person subject to the notification obligation

Full name (including legal form for legal entities)

Contact address (registered office for legal entities)

E-Mail

Phone number / Fax number

Other useful information (at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Contact address

E-Mail

Phone number / Fax number

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

Please send the completed form together with this annex to the FCA at the following email address:[e-mail]. Please send in Microsoft Word format if possible.