Net Asset Value(s)

Puma VCT 11 plc

1 December 2016

Puma VCT 11 plc ("the Company")

As at the close of business on 31 October 2016, the estimated Net Asset Value per ordinary share ("NAV per share") of the Company was 97.09p. This represents an increase of 0.1 per cent on the NAV per share at 30 September 2016. The estimated fully diluted NAV per share was 97.09p. Cumulative dividends paid to date were 0.00p.