MORPHIC ETHICAL EQUITIES FUND LIMITED — Net Asset Value 2017

May 1, 2017

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Updated Pro-Forma Statement of Financial Position - Actual Funds Raised As At 28 April 2017

Subscription: 44,440,627 shares and 44,440,626 options.

28-Apr-17	28-Apr-17
	$
Assets
Cash	47,134,545
Receivables	74,139
DeferredTax Asset	502,802
Total Assets	47,711,486
Liabilities	-
Net Assets	47,711,486
Equity
ContributedEquity	48,884,690
Less Costs ofOffer	(1,172,171)
RetainedProfits	(1,033)
Total Equity	47,711,486
NAV	1.074

Capital Structure

	28-Apr-17
	No
Shares*	44,440,627
Options	44,440,626
*Includes initial subscriber share

Cash

	28-Apr-17
	$
Proceeds of Prospectus offer -atApplication Amount of$1.10 pershare	48,884,690
Less:
Expenses ofthe Offer(net oftax)	(1,173,204)
DeferredTax Asset	(502,802)
Receivables and otherassets	(74,139)
Net Cash Position	47,134,545

Morphic Ethical Equities Fund Ltd, C/O Morphic Asset Management Ltd, Level 3, 139 Macquarie St, Sydney, NSW 2000, Australia