Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 27 April 2015 the unaudited net asset value per Ordinary Share,
including current period revenue was 209.06 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 7th April 2015 is included.

Dated: 28 April 2015