Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 10th October 2014 the unaudited net asset value per 
Ordinary Share, including current period revenue was 174.71 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 31st August 2014 is included.

Dated: 13th October 2014