Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 10th December 2014 the unaudited net asset value per Ordinary Share, including 
current period revenue was 190.43 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 October 2014 is included.

Dated: 11th December 2014