Net Asset Value Apportionment Ratios

The following table provides an apportionment of the Net Asset Value of the ENN stapled security into the part referable to a unit in EIF (Elanor Investment Fund - Trust) and the part referable to a share in EIL (Elanor Investors Limited - Company).

Allocation of Value of each ENN stapled security between its two components
 
A unit in EIF (Trust) %
A share in EIL (Company) %
December 2016
57.61%
42.39%
June 2016
59.81%
40.19%
December 2015
58.62%
41.38%
June 2015
59.41%
40.59%
December 2014
53.23%
46.77%

Assumption: it is assumed that the value of a ENN stapled security during a period may fairly be allocated between a unit in EIF and a share in EIL based on the respective net asset backings of the securities at the end of each six month period.