Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 15 January 2010 the unaudited net asset value per Ordinary Share,
including current period revenue, was 69.01p 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 31 December 2009
and 30 November 2009 respectively.

On 15 January 2010, Strategic Equity Capital plc received a distribution of £
993,690.02 from Strategic Recovery Fund II and simultaneously paid a call of £
993,690.02 to Strategic Recovery Fund II. The net effect will be a cash receipt
of £nil, and a reduction in Strategic Equity Capital plc's outstanding undrawn
commitment to Strategic Recovery Fund II by 24.5% to £3,066,566.

18 January 2010