ECP EMERGING GROWTH LIMITED — Net Asset Value 2016

Jul 5, 2016

ABN 30 167 689 821

06 July 2016

The Manager Company Announcements Office ASX Ltd Exchange Centre Level 6, 20 Bridge Street SYDNEY NSW 2000

Suite 305, Level 3 343 George Street SYDNEY NSW 2000

Telephone 02 8651 6800 Facsimile 02 8651 6899

www.barrackst.com

Dear Sir

Net Tangible Asset (NTA) Backing per Share & Top 5 Investments and Dividend – 30 June 2016

The unaudited NTA backing per share of the Company at 30 June 2016 was as follows:

	Beforeestimated tax onunrealized gains	Afterestimated tax onunrealized gains
at 30 June 2016	111.6 c	109.6 c
at 31 May2016	116.7 c	112.2 c

The NTA figures shown above are before and after the provision for deferred tax on the unrealized gains in the Company’s investment portfolio. The Company is a long-term equity investor and does not intend to dispose of its total portfolio.

The top five investments of the Company at 30 June 2016 were as follows:

Name of Company	Percentage of Total Portfolio
IPH Limited	11.29%
Trade Me Group	8.73 %
Aconex Limited	8.37 %
BT Investment Management	8.22 %
Magellan Financial GroupLtd	8.02 %
Total Top 5 Equity Investments	44.63%

In the year ended 30 June 2016 the Company’s NTA increased from 96.38 cents per share to 111.6 cents per share before estimated tax on unrealized gains; and 109.6 cents after estimated tax on unrealized gains. The Company paid fully franked dividends totaling $0.015 per share during the financial year ended 30 June 2016 and after allowing for the payment of dividends, the Company’s NTA increased by $2,070,227 during the 2016 financial year or 13.31%.

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BST OFFERS DIVIDEND GUIDANCE:

In line with the Company’s stated intention to provide a growing stream of fully franked dividends each year, and given BST’s investment performance during the year and its current financial position, BST is able to provide investors with guidance of the proposed FY16 Final dividend payment.

This table is not a formal declaration of dividends. Shareholders and investors should only rely on the Official Declaration of Dividend for confirmation as to dividend amount and relevant dates, including what level of franking may be attached to any dividends declared.

It should be noted that the actual dividend that is declared will be paid on all the shares in issue at the record date, including those issued due to the exercising of the Options which are due to expire in August 2016.

DIVIDEND GUIDANCEas at 30 JUNE 2016	AMOUNT
FY16 Final Payable Sep/Oct 2016	Minimum of 1.5 cents per share

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

Yours sincerely

BARRACK ST INVESTMENTS LIMITED

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Brian Jones Company Secretary