ECP EMERGING GROWTH LIMITED — Net Asset Value 2014

Dec 8, 2014

S u i t e 3 0 5 , L e v e l 3 3 4 3 G e o r g e S t r e e t S Y D N E Y N S W 2 0 0 0 T e l : 0 2 8 6 5 1 6 8 0 0 F a x : 0 2 8 6 5 1 6 8 9 9 P O B O X R 8 4 8 R o y a l E x c h a n g e N S W 1 2 2 5

7 December 2014

Company Announcements Office Australian Stock Exchange Exchange Centre Level 6, 20 Bridge Street SYDNEY NSW 1215

Net Tangible Asset Backing at 28 November 2014

The unaudited NTA of the Company was as follows:

	Beforeestimated taxon unrealisedgains	Afterestimated taxon unrealisedgains
at 28 November 2014at 31 October 2014	96.44 c96.66 c	96.44 c96.66 c

The NTA per share of the company decreased slightly at 28 November 2014 compared to the previous month-end. The decrease in NTA in percentage terms of 0.2% is far less that the decrease in the All Ordinaries Index which declined by 3.8% between 31 October 2014 and 28 November 2014.

Since listing we have invested the funds in companies that meet our financial metrics including organic sales growth, earnings and dividend growth and which we believe will provide the impetus for an improvement in valuations over our three year time horizon. The three major investments in the portfolio at the end of November were SEEK, Platinum Asset Management and Carsales.com with cash comprising 2% of the portfolio.

For further information please call the Company Secretary on (02) 8815 5400.

Yours faithfully,

BARRACK ST INVESTMENTS LIMITED

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Brian Jones Company Secretary