ECP EMERGING GROWTH LIMITED — Net Asset Value 2021

May 4, 2021

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ECP EMERGING GROWTH LIMITED

5 May 2021

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

Dear Sir

Net Tangible Assets (NTA) per share & Top 5 Investments – 30 April 2021

The unaudited NTA backing per share of the Company at 30 April 2021 was as follows:

			Before	After
			estimated tax on	estimated tax on
			unrealised gains	unrealised gains
at	30	April 2021	173.1c	162.3c
at	31	March 2021	165.8c	157.6c

The NTA figures shown above are before and after the provision for deferred tax on the unrealised 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 April 2021 were as follows:

Name of Company	Percentage of Total Portfolio
HUB24 Ltd	9.29 %
Magellan Financial GroupLimited	7.77 %
Lovisa Holdings Ltd	5.94 %
Altium Limited	5.71 %
Pwr Holdings Limited	5.68 %
Total Top 5 Equity Investments	34.39 %

If you have any questions, please call the Company Secretary on 1800 352 474.

Yours sincerely

ECP EMERGING GROWTH LIMITED

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Authorised by Brian Jones Company Secretary

Redefining Active Investing ecpam.com/emerging

Suite 5 Level 3 343 George Street Sydney NSW 2000 Australia

Tel: 1800 352 474 Fax: +61 2 8651 6899

ABN: 30 167 689 821