Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 6th May 2011 the unaudited net asset value per Ordinary Share,
including current period revenue, was 100.76 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 31st March 2011 are both
included.

Dated: 9th May 2011