Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 16 October 2009 the unaudited net asset value per Ordinary Share,
including current period revenue, was 67.27 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 ("SRF II") and Vintage 1 Limited are as at 30
September 2009 and 28 August 2009 respectively.

On 21 October 2009, the Company will receive a distribution of £1,130,721.68
from SRF II and simultaneously pay a call of £1,000,000.00 to SRF II. The net
effect will be a cash receipt of £130,721.68, and a reduction in the Company's
outstanding undrawn commitment to SRF II by 20% to £4,060,256.

19 October 2009


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