Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 15 July 2015 the unaudited net asset value per Ordinary Share, including current period revenue was 218.07 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 29^th June 2015 is included.

Dated: 16 July 2015