Scottish Mortgage Investment Trust PLC

16 August 2017

Legal Entity Identifier : 213800G37DCS3Q9IJM38

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

421.78p

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

417.76p

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

420.85p

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

416.83p

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