Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 3 December 2010 the unaudited net asset value per Ordinary Share,
including current period revenue, was 84.70 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 as at 30 November 2010 and Vintage 1 Limited both as
at the 31 October 2010 are both included.

6 December 2010