ECP EMERGING GROWTH LIMITED — Net Asset Value 2016

Feb 9, 2016

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

10 February 2016

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

Net Tangible Asset Backing at 31 January 2016

The unaudited NTA of the Company was as follows:

			Before	After
			estimated tax	estimated tax
			on unrealised	on unrealised
			gains	gains
at	31	January 2016	116.31 c	110.64 c
at	31	December 2015	121.10 c	113.90 c
at	30	June 2015	96.38 c	96.17 c

The NTA per share of the company decreased at 31 January 2016 compared to the previous month-end. Since 30 June 2015 the Company has shown an increase in NTA in excess of 15%.

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 January 2016 were IPH, REA Group and Carsales.com with cash comprising 8% of the portfolio.

The top 5 investments of the company at 31 January 2015 were:

Name of company	% of total value of portfolio
IPH Limited	9.29%
REA Group	9.10%
Carsales.com	8.75%
Catapult	8.40%
Platinum Asset
Management	7.05%

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