SPHERIA EMERGING COMPANIES LIMITED — Net Asset Value 2021

Oct 18, 2021

Spheria Emerging Companies Limited

==> picture [248 x 121] intentionally omitted <==

Level 35, 60 Margaret Street

Sydney NSW 2000 Telephone: 1300 010 311 Email: invest@pinnacleinvestment.com ACN 621 402 588

19 October 2021

Company Announcements ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam,

Daily NTA Estimate

Please find below the estimated Pre-tax Net Tangible Asset backing per share for Spheria Emerging Companies Limited (ASX: SEC) as at 18 October 2021 :

Estimated Net Tangible Assets (NTA) per share[1]

Pre-tax NTA[2] $2.758

The NTA values shown above are before the dividend of 2.5 cents per share payable on 29 October 2021. The ex-date of the dividend is 21 October 2021.

Please note this figure is unaudited and approximate only.

1 NTA per share is estimated based on the daily value of the Company’s investment portfolio and cash balances, adjusted for management fees and performance fees (if applicable) and estimated movements in operating costs and income taxes since the most recently reported weekly or monthly NTA.

2 Pre-tax NTA includes tax on realised gains/losses and other earnings, but excludes any provision for tax on unrealised gains/losses. NTA calculations also exclude deferred tax assets relating to capitalised issue cost related balances and income tax losses.

Authorised by:

Calvin Kwok Company Secretary