220.06 pence 206.83 pence The NAV per share has increased by 13.23 pence in the quarter (an increase of 19.7% upon the opening NAV per share). This strong performance is principally due to a further rise in unrealised portfolio valuations as well as gains on realisations. The admission to AIM of two portfolio companies (further details below) made a significant contribution. Since 31 March 2020, the first quarter to reflect the initial outbreak of the COVID 19 pandemic, NAV return per share has increased by 55.3%, a very pleasing performance, reflecting a series of profitable realisations and strong, resilient performance by the majority of portfolio companies in response to the pandemic, particularly by those with direct-to-consumer models.