Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 02 September 2015 the unaudited net asset value per Ordinary Share, including current period revenue, was 215.41 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 3rd June 2015 is included.

Dated: 03 September 2015