Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC As at the 02 November 2015 the unaudited net asset value per Ordinary Share, including current period revenue, was 209.44 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 30th September 2015 is included. Dated: 03 November 2015