The Scottish American Investment Company P.L.C.

21 June 2017

Legal Entity Identifier: 549300NF03XVC5IFB447

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

355.12p

  XD

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

340.65p

  XD

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

351.82p

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

337.35p

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