Net Asset Value Daily Estimate

15 January 2018

India Capital Growth Fund Limited (the "Company" or "ICGF")

Estimated Daily Net Asset Value ("NAV") statement as at 12 January 2018

The Company announces its Net Asset Value per ordinary share as at 12 January 2018 was estimated to be 131.22 pence.

This estimated daily NAV is provided by the Investment Manager of the Company and is, by its nature, based on incomplete and estimated data. The making of such an estimate involves known and unknown risks, uncertainties and other factors which may cause the estimated results, performance or achievements to be different from any actual results, performance or achievements.