The Scottish American Investment Company P.L.C.

20 April 2017

Legal Entity Identifier: 549300NF03XVC5IFB447

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

336.39p

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

321.96p

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

332.59p

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

318.16p

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 offer price