Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at 2 October 2009 the unaudited net asset value per Ordinary share,
including current period revenue, was 63.64 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 30 September 2009
and 28 August 2009 respectively.

5 October 2009