Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 26th August 2011 the unaudited net asset value per Ordinary Share,
including current period revenue, was 89.11 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 31st July 2011 and
31st May 2011 respectively are both included.

Dated: 30th August 2011