SEC Strategic Equity Capital Plc

STRATEGIC EQUITY CAPITAL PLC

As at the 29th August 2014 the unaudited net asset value per Ordinary Share,
including current period revenue was 176.57 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 2014 is included.

Dated: 1st September 2014