Net Asset Value(s)

Date:               23 January 2017

Net Asset Value

The unaudited cum-income net asset value (“NAV”) of Strategic Equity Capital Plc as at the close of business on 20 January 2017 is:

232.04 pence per share.

The NAV is calculated in accordance with stated policies. Applicable accounting standards and AIC recommendations are followed.

Investments in unquoted investment funds are generally held at the valuations provided by the managers for those funds.  The latest valuation for Vintage 1 Limited as at the 30 November 2016 is included.

For further information, please contact:

Steven Davidson

PATAC Ltd

0131 538 1400