Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at 26 February 2010 the unaudited net asset value per Ordinary share,
including current period revenue, was 68.32 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 the 31 January 2010
and 30 November 2009 respectively.

1 March 2010