Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 17th April 2014 the unaudited net asset value per Ordinary Share,
including current period revenue was 177.52 pence.

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 28th February 2014 is included.

Dated: 22nd April 2014