Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC As at the 26 July 2016 the unaudited net asset value per Ordinary Share, including current period revenue, was 208.08 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 May 2016 is included. Dated: 27 July 2016