Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 11th December 09 the unaudited net asset value per Ordinary Share,
including current period revenue, was 65.23 pence.

Note: Investments in unquoted investment funds are generally held at the
valuations provided by the managers of those funds. The latest valuations for
Strategic Recovery Fund II and Vintage 1 Limited are as at the 30th November
2009 and 31st October 2009 respectively.

14th December 2009