Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 03rd October 2014 the unaudited net asset value per 
Ordinary Share,including current period revenue was 177.58 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: 6th October 2014