Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 14th January 2011 the unaudited net asset value per Ordinary Share,
including current period revenue, was 92.14 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 31st December 2010 and Vintage 1 Limited as at
the 30th November 2010 are both included.

On 19th January 2011, Strategic Equity Capital plc will pay a call of £
707,500.00 to Strategic Recovery Fund II. The net effect will be a cash payment
of £707,500, and a reduction in Strategic Equity Capital plc's outstanding
undrawn commitment to Strategic Recovery Fund II by 52.2% to £648,559.20.

The General Partner of Strategic Recovery Fund II has stated that there will
not be any further gross calls, and that they will not seek to extend the
investment period, which ends on 15th June 2011

Dated: 17th January 2011