Net Asset Value(s)

TERRA CAPITAL PLC

16 January 2015

The Board of Terra Capital plc ("the Fund") announces that the estimated unaudited net asset value per share on 31 December 2014 was US$0.979 which is a decrease of 2.00 % over the prior month.

The Net Asset Value per share figure as at 31 December 2014 is unaudited.

Previously published net asset values included certain estimates, the most significant of which was the estimated tax liability relating to the sale of property in Macau. Following receipt of the final assessment in respect of this liability, which was in line with amounts previously provided, there are no material estimates included within the net asset value.

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Enquiries

For more information, please visit www.terracapitalplc.com orcontact:

Galileo Fund Services Limited (Administrator)

David Parnell

+44 1624 692600

Panmure Gordon (UK) Limited (Nominated adviser and corporate broker)

Paul Fincham or Jonathan Becher

+44 20 7886 2500

Terra Capital plc.

Ian Dungate, Director

+44 1624 692600