Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 26 November 2010 the unaudited net asset value per Ordinary Share,
including current period revenue, was 82.85 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 both as at the 31 October 2010
are included.

29 November 2010