Scottish Mortgage Investment Trust PLC

18 October 2017

Legal Entity Identifier : 213800G37DCS3Q9IJM38

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

442.89p

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

439.11p

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

442.17p

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

438.40p

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