Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 9th March 2012 the unaudited net asset value per Ordinary Share,
including current period revenue, was 103.47 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 and Vintage 1 Limited as at the 29th February 2012
and 30th November 2011 respectively are both included.

Dated: 12th March 2012