Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 17th December 2010 the unaudited net asset value per Ordinary Share,
including current period revenue, was 86.47 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 30th November 2010 and Vintage 1 Limited as at
the 31st October 2010 are both included.

Dated: 20th December 2010