Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 19 November 2010 the unaudited net asset value per Ordinary Share,
including current period revenue, was 82.62 pence.

Note: Investments in unquoted investment funds are generally held at the
valuations provided by the managers of those funds. The latest valuation for
Strategic Recovery Fund II and Vintage 1 Limited as at the 31 October and 30
September 2010 respectively are both included.

22 November 2010