Strategic Equity Capital - Continued benchmark outperformance

Strategic Equity Capital Continued benchmark outperformance Strategic Equity Capital, the specialist smaller companies investment trust, published a Q3 interim management statement on 2nd November 2012. This highlighted that SEC had outperformed its benchmark, the FTSE Smaller Companies (Ex Investment Trusts) index, by 1.7 percentage points (pp) - the 11th quarter of outperformance in the last 12 quarters. Its underlying holdings remain attractive with a weighted average p/cashflow and net debt/EBITDA of 8.5x and 0.5x, respectively. SEC also received £3m of distributions from its investment in Strategic Recovery Fund II, which increased the 30th Sept 2012 end cash position to c.13%. Additionally, the 2012 final dividend grew 241% to 1.5p/share. With the shares trading at 93.50p and a NAV of 112.86p, our stance remains buy. Click to Download Full Report Table: Financial overview Year to 30th June 2010A 2011A 2012A Gross Return on Investments (£000) 13,800 28.433 103 Net Return Per Share (p) 17.03 36.00 (1.18) NAV / share (p) 66.72 103.35 101.96 Dividend (p) 0.30 0.44 1.50 Yield (%) 0.3% 0.5% 1.6% Source: GECR and company Buy Key data Share Price 93.50p 52 week high/low 94.50p / 72.00p Primary exchange MAIN EPIC SEC Shares in issue 67.32 m Market Cap £62.94m Sector Equity Investment Instruments Valuation NAV / Share* 112.86p Discount to NAV 17.2% Dividend Yield 1.6% *Unaudited as at 2nd November 2012 Affiliations: None. Important: All disclaimer information can be found on the last page of the document

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