Scottish Mortgage Investment Trust PLC

21 March 2017

Legal Entity Identifier : 213800G37DCS3Q9IJM38

Net Asset Value with borrowings at par - including current year income

350.19p

Net Asset Value with borrowings at fair value - including current year income

345.73p

Net Asset Value with borrowings at par - excluding current year income

350.55p

Net Asset Value with borrowings at fair value - excluding current year income

346.09p

Net Asset Values are calculated in accordance with published accounting policies and AIC guidelines

The fair value of the debentures is calculated using a closing market offer price