The Scottish American Investment Company P.L.C.

21 April 2017

Legal Entity Identifier: 549300NF03XVC5IFB447

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

337.12p

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

322.69p

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

333.24p

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

318.81p

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