Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 31 August 2009 the unaudited net asset value per Ordinary Share,
including current period revenue, was 55.53 pence.

Note: As explained in the circular to Shareholders dated 29 July 2009, the
Company's investment in Strategic Recovery Fund II is currently valued at
cost.  The Board expects, following 31 August, to value that investment at its
latest month-end net asset value.  Had that investment been valued as at its 31
July 2009 net asset value, the unaudited net asset value per Ordinary Share,
including current period revenue, would have been 59.19p as at 31 August 2009.

1 September 2009