SEC Strategic Equity Capital Plc

STRATEGIC EQUITY CAPITAL PLC

As at the 20 April 2015 the unaudited net asset value per Ordinary Share,
including current period revenue was 203.73 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 7th April 2015 is included.

Dated: 21 April 2015