Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 21 May 2015 the unaudited net asset value per Ordinary Share,
including current period revenue was 214.15 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 5th May 2015 is included.

Dated: 22 May 2015