Net Asset Value(s)

Puma VCT 11 plc

31 March 2017

Puma VCT 11 plc ("the Company")

As at the close of business on 28 February 2017, the estimated Net Asset Value per ordinary share ("NAV per share") of the Company was 97.66p. This represents an increase of 0.3 per cent on the NAV per share at 31 January 2017. The estimated fully diluted NAV per share was 97.66p. Cumulative dividends paid to date were 0.00p.