Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 8th November 2013 the unaudited net asset value per Ordinary Share,
including current period revenue was, 153.25 pence.

Following the passing of Resolution 2 in the AGM on 5th November, the NAV as at
8th November includes a provision for the payment of the declared final
dividend of 1.5p on 15th November.

Note: Investments in unquoted investment funds are generally held at the
valuations provided by the managers of those funds. The latest valuation for
Vintage 1 Limited as at the 30th September 2013 is included.

Dated: 11th November 2013 .