Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 15th January 2015 the unaudited net asset value per Ordinary
Share, including current period revenue was 191.86 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 30th November 2014 is included.

Dated: 16th January 2015