SWEF : Net Asset Value

This announcement contains price sensitive information.

As at the close of business on 31 December 2017, the unaudited cum-dividend net asset value of the Company's Ordinary Shares was 102.17p.

Loans advanced	392.1m
Financial assets/(liabilities) at fair value through profit or loss	(6.7m)
Cash and cash equivalents	11.8m
Borrowing facilities	(13.3m)
Other net assets/(liabilities)	(0.8m)
Net assets	383.1m

Capital amounts drawn as at 31 December 2017 and amounts committed but undrawn as at 31 December 2017 is shown below.

	Local Currency	Sterling*
Amounts drawn £m	£190.2m	£190.2m
Amounts drawn EURm	EUR222.6m	£197.9m
		£388.1m
Committed but undrawn Loans £m	£2.7m	£2.7m
Committed but undrawn Loans EURm	EUR9.8m	£8.7m
		£11.4m

* Euro amounts drawn and commitments converted at the month end spot rate. The difference between amounts drawn in the table above and 'Loans advanced' in the first table is accrued income.

Enquiries:

Ipes (Guernsey) Limited as Company Secretary

Jon Jehan

T: [phone]

E:[e-mail]