Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 26th September 2014 the unaudited net asset value per Ordinary Share,
including current period revenue was 178.25 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: 29th September 2014