Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 11th December 2014 the unaudited net asset value per Ordinary 
Share,including current period revenue was 189.82 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: 12th December 2014